For those that remember the days of ‘stagflation’ (high inflation and high unemployment) ought to understand just how we cut the Keynesian knot that gave us a 25 year economic boom ending with the collapse of both housing (2006) and Wall Street with its arcane fiscal, monetary instruments in 2007. If original intent means anything we simply cannot excuse how liberal governance birthed such a catastrophe.
Any worthy person on Wall Street will tell you a simple rule: find the ceiling (target rate) and go around it! Its the same thing small business owners do when they file on April 15! Always work around the constraints!
This only works well in fiscal or macroeconomics! In no other field can a practitioner perform his/her craft this way. James Madison, the Chief Architect of the U.S. Constitution understood the merits of constraining human nature through political craft. For Madison and our Founders the consistency of human nature was the constant guiding their craft.
The American political left always seeks a vast expansion of federal power. Yet the Constitution grants the federal government only limited ENUMERATED power. Most of these powers are found in Article I Section 8. The LIMIT on TAXATION is understood within the CLAUSE OF COMMON DEFENSE & GENERAL WELFARE. Contemporary American liberalism has unhinged itself from the mooring of both natural law and historicism.
The rage at the heart of American liberalism is witnessed in advocating the 10th Amendment, which states that all power not granted to the Federal Government is reserved to the States.
Framing the issues for the 2012 Presidential election has just begun!