Comments on: We’re All Keynesians, for Now http://taxesandbudget-blog.ncpa.org/were-all-keynesians-for-now/ Insights on Taxes, Economic Policy, Federal Budget | NCPA Tue, 16 Mar 2010 17:24:04 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: G http://taxesandbudget-blog.ncpa.org/were-all-keynesians-for-now/comment-page-1/#comment-8621 G Fri, 19 Dec 2008 12:45:19 +0000 http://www.bob-mcteer-blog.com/?p=373#comment-8621 Bob, As an Indian citizen, let me add my two-pence : Post-independence (1947), our first PM Nehru was the classic Keynesian socialist (came from an elite background, hated private industry, etc), who believed in Five Year plans (a la the Soviet system) and in huge investments of taxpayer money in everything from aeronuatics, electronics, telecom, banking, agriculture, etc. He followed principles of taxing the evil rich and giving all sorts of ridiculous tax-breaks to those in agriculture. He perpetrated the politics of appeasement (we got our butts kicked by the Chinese in 1962, Pakistan occupied 1/3rd of Kashmir in 1948 -- he wanted a UN solution and guess what, things stand the way they were then) and bent over backwards to give special privileges to minorities and "backward class" people that ended up diving the nation to this day. Things become ridiculous to the point that foreign imports were banned in some case (Coke and Pepsi were banned from 1977 -- 1990). This insanity pursued by the Congress party created an entitlement mentality in my country that drove it to the point of economic collapse in 1990 -- it got to the point wherein actually gold bullion was airlifted to London to protect our nation from chaos and collapse. The govt then (led by the Finance Minister, Dr Manmohan Singh) reversed many socialist policies, were forced to open up our economy and invite foreign direct investment (FDI), adopt more business-friendly policies and, as a net result, we have had waves of innovation, prosperity and social mobility that is truly historic in such a rleativey short period of time. My point is, I fear for America because it is doomed to repeat mistakes that leaders in Eastern Europe, parts of Africa, South Asia, etc already committed in a post-colonial second half of the 20th century. I ran way from India because I wanted to escape the negativity and cynicism that socialism ushers in -- it engages in perpetuating and promoting mediocrity. I came to the US to escape that sickness and ironically enough, I see a redux here of what I tried to run away from. I am not an economist but from a qualitative and real-life perspective, Bob, I am concerned for this nation. Where's Reagan when we need him the most?! Bob,

As an Indian citizen, let me add my two-pence :

Post-independence (1947), our first PM Nehru was the classic Keynesian socialist (came from an elite background, hated private industry, etc), who believed in Five Year plans (a la the Soviet system) and in huge investments of taxpayer money in everything from aeronuatics, electronics, telecom, banking, agriculture, etc. He followed principles of taxing the evil rich and giving all sorts of ridiculous tax-breaks to those in agriculture. He perpetrated the politics of appeasement (we got our butts kicked by the Chinese in 1962, Pakistan occupied 1/3rd of Kashmir in 1948 — he wanted a UN solution and guess what, things stand the way they were then) and bent over backwards to give special privileges to minorities and “backward class” people that ended up diving the nation to this day. Things become ridiculous to the point that foreign imports were banned in some case (Coke and Pepsi were banned from 1977 — 1990). This insanity pursued by the Congress party created an entitlement mentality in my country that drove it to the point of economic collapse in 1990 — it got to the point wherein actually gold bullion was airlifted to London to protect our nation from chaos and collapse. The govt then (led by the Finance Minister, Dr Manmohan Singh) reversed many socialist policies, were forced to open up our economy and invite foreign direct investment (FDI), adopt more business-friendly policies and, as a net result, we have had waves of innovation, prosperity and social mobility that is truly historic in such a rleativey short period of time.

My point is, I fear for America because it is doomed to repeat mistakes that leaders in Eastern Europe, parts of Africa, South Asia, etc already committed in a post-colonial second half of the 20th century. I ran way from India because I wanted to escape the negativity and cynicism that socialism ushers in — it engages in perpetuating and promoting mediocrity. I came to the US to escape that sickness and ironically enough, I see a redux here of what I tried to run away from.

I am not an economist but from a qualitative and real-life perspective, Bob, I am concerned for this nation.

Where’s Reagan when we need him the most?!

]]> By: Matthew http://taxesandbudget-blog.ncpa.org/were-all-keynesians-for-now/comment-page-1/#comment-8423 Matthew Mon, 15 Dec 2008 23:42:28 +0000 http://www.bob-mcteer-blog.com/?p=373#comment-8423 Thank you very much! Matthew Thank you very much!

Matthew

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