Mark Steyn, in “Unsustainable“:
Testifying to the House Budget Committee, Director Elmendorf attempted to pull back from the wilder shores of “unsustainable”: “I think most observers expect that the government will act, that the unsustainability will be resolved through action, not through witnessing some collapse down the road,” he said. “If literally nothing is done, then eventually something very, very bad happens. But I think the widespread view is that you and your colleagues will take action.”
Dream on, you kinky fantasist. The one thing that can be guaranteed is that a political class led by Harry Reid, Nancy Pelosi, Barney Frank, a handful of reach-across-the-aisle Republican accomodationists and an economically illiterate narcissist in the Oval Office is never going to rein in unsustainable spending in any meaningful sense. That leaves Director Elmendorf’s alternative scenario. What was it again? Oh, yeah: “Some collapse down the road.”
Did you get your pay raise this year? What’s that, you don’t work for the government? Yes, you do, one way or another. Good luck relying on Obama, Pelosi, Frank, and the other Emirs of Kleptocristan “taking action” to “resolve” that. In the last month, the cost of insuring Greece’s sovereign debt against default has doubled. Spain and Portugal are headed the same way. When you binge-spend at the Greek level in a democratic state, there aren’t many easy roads back. The government has introduced an austerity package to rein in spending. In response, Greek tax collectors have walked off the job.
Read that again slowly: To protest government cuts, striking tax collectors are refusing to collect taxes. In a sane world, this would be a hilarious TV comedy sketch. But most of the Western world is no longer sane. It’s tough enough to persuade the town drunk to sober up, but when everyone’s face down in the moonshine, maybe it’s best just to head for the hills. But where to flee? America is choosing to embrace Greece’s future when even the Greeks have figured out you can’t make it add up.
Read the rest.
Elsewhere at NRO, Steyn comments on Euro antisemitism: “Seems like old times“. A.k.a.: “We’re gonna party like it’s 1939” 😉