Unnecessary Knowledge
As you are no doubt aware, the word idiot is derived from the Greek word idiōtēs, which refers to a person disinterested in participating in democracy and public life.
Everything’s given a modern spin at some time or another, so I’d expand this definition to also include all those in high office or other noteworthy positions of influence who have no discernible grasp of basic economics.
Barack Obama, Ben Bernanke, Barney Frank, Joe Biden, Nancy Pelosi, Harry Reid and Paul Krugman all spring to mind quite instantaneously.
I guess I should clarify: it’s not that these idiots know no economics, it’s (even more foolishly) that they completely subvert whatever slight knowledge they have to their socialist desires. The invisible hand, market forces of supply and demand, self-regulating mechanisms and the efficient allocation of resources are all disregarded as these fools pursue a socialist utopia: one wherein we are all equally poor and miserable.
How else to explain their willingness to print money and risk spurring inflation? To impose burdens on US businesses that will either drive them overseas or into bankruptcy, and to take over businesses that should have gone under? To quadruple the budget deficit within a year of taking office? To take no action against the crippling national debt, which – contrary to misinformed popular opinion – has been around since the start of the Republic but which has become a terminal illness through the short-sighted actions of both parties? To massively increase unaffordable state spending on reams of new welfare state entitlements?
Democracy becomes self-defeating when the idiots are allowed to take charge.
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August 25th, 2009 at 18:51
You list a virtual parade of useful idiots. Great post, and thanks!
August 25th, 2009 at 21:44
And the local idiocracy here in South Carolina is all soooooo proud that Bernanke is from here….