Campaigning in Iowa — although he pretended it wasn’t campaigning — Barack Obama lamented the state of the economy. He claimed that his administration had things turned around until … well … you read it:
“We had reversed the recession, avoided a depression, gotten the economy moving again,” Obama told a crowd in Decorah, Iowa. “But over the last six months we’ve had a run of bad luck.” Obama listed three events overseas — the Arab Spring uprisings, the tsunami in Japan and the European debt crises — which set the economy back.
I covered this just a few days ago. The late, great sci-fi author Robert A. Heinlein famously wrote that those who did everything in their power to stop creative people from advancing civilization would blame the problems on something besides themselves:
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
“This is known as ‘bad luck.'”
The “bad luck” is that ignorant control freaks have spent most of the last hundred years laying the foundation for a huge debt bubble that’s going to pop, as well as destroying the rational incentive structure that the market imposes on people. These arrogant people thought they could engineer an economy better than the market — and the current administration seems quite insistent on continuing the same stupid course of action.
Anyone who understands Austrian-school economics has known what was going on. This is anything but “bad luck.” The black cats and broken mirrors deserve an apology.