Economophobia: If This is What Ails Us, What is the Cure?
In The Road to Serfdom, F.A. Hayek describes many of the steps needed to destroy a society. Are we suffering from this one? by EJ Moosa
(libertarian)
Thursday, March 4, 2010
F.A. Hayek wrote of Economophobia in his book, The Road To Serfdom. The book was published in 1944. Recently, several talk radio hosts have mentioned this book. It chronicles how a nation can move from a democracy or a republic towards a communist/marxist/socialist nation. Chapter 14, titled Material Conditions and Ideal Ends included the following statements, which hit home for me. Keep in mind this was written sixty-six years ago.
"It is no doubt true that our generation is less willing to listen to economic considerations than was true of its predecessors. It is most decidedly unwilling to sacrifice any of its demands to what are called economic arguments; it is impatient and intolerant of all restraints on their immediate ambitions and unwilling to bow to economic necessities. It is not any contempt for material welfare, or even any diminished desire for it, but, on the contrary, a refusal to recognize any obstacles, any conflict with other aims which might impede the fulfillment of their own desires, which distinguishes our generation. Economophobia would be a more correct description of this attitude...." F.A. Hayek The Road to Serfdom (page 210)
Let's digest this for a moment.
"It is no doubt true that our generation is less willing to listen to economic considerations than was true of its predecessors."
Our nation's debt is at historical levels and climbing. Yet nothing is being done to reign in the spending. The truth is, the spending is accelerating. And we are not bearing the true cost of this expense yet, at least in terms of dollars, because interest rates are being manipulated to keep the interest upon this debt in check. But this will end.
The simple truth is We, the American People, cannot afford to live as we are, and yet we are trying at the same time to live as we have dreamed of in an ideal world.
"It is most decidedly unwilling to sacrifice any of its demands to what are called economic arguments;"
We have been able to witness for the last year the ongoing Health Care Debate. President Obama has been on the media circuit non-stop pushing this $1,000,000,000,000 plan with a complete disregard on how it will be paid for. There are no sacrifices by any that are supposed to benefit from this plan that will offset it's expense. The fact that there are so many unfunded and underfunded programs and entitlements on the books are no cause for alarm. The truth is they are willing to ignore all of the red flags on this program.
"it is impatient and intolerant of all restraints on their immediate ambitions and unwilling to bow to economic necessities."
If you dared to stand up against this proposal, you have been called every name in the book. From being called"Tea-baggers"(a derogatory label) to "racists", you have been hammered with insults. At every turn, this plan had to be passed, and in a hurry. First, it was by the end of summer. Then it was the end of the year. Then it was the State of the Union Address. We have now been given an Easter deadline.
Republicans appeared at the Health Care Summit at the request of the President. After seven hours of discussion, President Obama summed it up and basically said it's time to get it done. No more waiting.
He did not address the concerns raised by Republicans. He acknowledges them with the statement "That is a legitimate concern". A real leader would have turned to Nancy Pelosi or Harry Reid and asked them to respond to the legitimate concerns. Not this President. We are in a hurry.
"It is not any contempt for material welfare, or even any diminished desire for it,..."
This generation of ours has the fewest material needs not being satisfied of any generation in our nation's history. We have more of everything that we could need. Compare your existence to that of your parents or grandparents. It is nearly certain that you have more of everything. And we know many of you want more.
"...but, on the contrary, a refusal to recognize any obstacles, any conflict with other aims which might impede the fulfillment of their own desires, which distinguishes our generation."
The refusal to recognize the obstacles to this specific desire is the scariest aspect of the situation today. We have a Constitution. It is being ignored. We have processes for getting laws passed in this nation of laws. They are being circumvented. We have payoffs, such as the Louisiana Purchase, which treat one American citizen differently than others, based on their state of residency. There is no obstacle in the way of this bill that will be allowed to stop it.
The simple fact is, we cannot have it all, when we want it, without the ability to pay for it. We can borrow for only so long. We have to stop and recognize the obstacles. They must be addressed.
Or, we can continue on the path we are on. The Road to Serfdom has many opportunities to choose a different direction. But only if we are honest with ourselves. Only if we elect individuals who will honestly stand to their principles, despite the name calling and labels.
Is our entire generation unwilling to listen while we still have the chance. Or do we indeed all suffer from Economophobia?
We must face the economic realities of the spending that we are committing to in our future. We must be willing to acknowledge that despite being the best nation in the world, we cannot afford this Health Care plan. We are fooling ourselves to believe that we can have it all and not have to worry about how it will be paid for. If that is the path we choose, we will not be the best nation in the world for much longer.
If a society cannot make the hard decisions about what they can and cannot afford, then that power MUST be returned to the individual, to make those decisions for themselves. If the government cannot function in a responsible manner, then that power must be stripped from them and returned to the people. That is the only cure.
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