tag:blogger.com,1999:blog-10424035.post4162233032190325586..comments2023-09-11T08:58:24.710-06:00Comments on Reach Upward: The Future of State Government Revenues Is NowScott Hinrichshttp://www.blogger.com/profile/11831447472339880148noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-10424035.post-77215705298692705552009-10-21T20:19:34.192-06:002009-10-21T20:19:34.192-06:00That depends on what you mean by "this."...That depends on what you mean by "this." Our housing crisis was manufactured by a coalition of stupid big government policies and rent seeking by big business.<br /><br />But the credit freeze didn't really happen until Messrs. Paulson and Bernanke decided to take a critical moment and turn it into a ploy to increase the power of the Fed and the Treasury.<br /><br />Then we actually had a crisis as credit markets immediately froze. But this crisis was still not huge on the scale of historic crises.<br /><br />We have subsequently ratcheted up government spending in a way that will lead to a more serious crisis. But even that one may not be dramatic enough for people to stop and pay real attention to the causes. It will probably take something a bit more serious, but we're going there.Scott Hinrichshttps://www.blogger.com/profile/11831447472339880148noreply@blogger.comtag:blogger.com,1999:blog-10424035.post-39235288074454518932009-10-21T18:17:02.597-06:002009-10-21T18:17:02.597-06:00I would not call this a faux crisis but I would sa...I would not call this a faux crisis but I would say that the severity of our circumstances is severely underestimated by the majority of the country.Anonymoushttps://www.blogger.com/profile/06354910302047518783noreply@blogger.comtag:blogger.com,1999:blog-10424035.post-15711244627693554142009-10-21T17:13:57.216-06:002009-10-21T17:13:57.216-06:00You're way ahead of me on that one. I think t...You're way ahead of me on that one. I think that you are correct, but that people will first seek for more of the same approach that brought the problems. These will, of course, be packaged as fresh ideas.<br /><br />We don't vote for politicians that bluntly tell us how things really are. We vote for politicians that spin beautiful fairy tales. We simultaneously want lower taxes and more government services, and we vote for politicians that promise stuff like this.<br /><br />I think it will take events that make Americans face reality before we start looking for fresh ideas like truly responsible policies. A faux crisis won't do it.Scott Hinrichshttps://www.blogger.com/profile/11831447472339880148noreply@blogger.comtag:blogger.com,1999:blog-10424035.post-12766826936842236122009-10-21T09:04:26.670-06:002009-10-21T09:04:26.670-06:00Hopefully I am not stepping on the toes of your pr...Hopefully I am not stepping on the toes of your promised next post, but if this is the new normal for state budgets (which would not really surprise me) does this hint at the possibility that as people realize the failures of current elected officials it might open the door for some fresh ideas?Anonymoushttps://www.blogger.com/profile/06354910302047518783noreply@blogger.com