We can now see that the rapid growth of the libertarian movement in the 1970s is firmly rooted in the legacy of the American Revolution. But if this legacy is so vital to the American tradition, what went wrong?
Because of past easy-money binges, the pool of wealth may be declining just as prices are increasing. And we're likely to see upward pressure on interest rates. This is bad news, and shows the limits of the Fed's power.
We should be quite skeptical when states impose the opinion of minority groups on the majority through special programs in schools and elsewhere. Such programs likely involve “positive discrimination” against particular groups, consistent with state objectives.
It's already clear that after an initial sugar high caused by stimulus funds, there's now hardly any "bang for the buck" from stimulus funds. In fact, governments are spending millions for each job "created" by stimulus.
In 2020, federal spending grew year-over-year at the highest rate since the Korean War. But state and local spending growth flatlined. Why? The answer lies with the Federal Reserve and how the feds can spend and borrow a lot more than any state.