Crossposted from Confounded Interest
As Treasury Secretary Geithner prepares to leave office, he has the notorious distinction of being the worst Treasury Secretary in the history of the United States, at least in terms as presiding over the outrageous growth of Federal debt.
Of course, John Snow (3 1/4 years) was no slouch, nor was Hank Paulson (2 1/2 years). But no one ran up the debt like Tim Geithner.
To be fair, Geithner is only Treasury Secretary. Both President Bush and President Obama combined with Congress went on a spending spree unlike the world has ever seen.
Paul Krugman has espoused “But all this depends on our having the political will and cohesion to do what’s necessary. What if it turns out that we’re a banana republic, with crazy extremists having so much blocking power that we can’t get our house in order?”
Professor Krugman, we are a banana republic because Socialism and Keynesian economic fantasies have indebted our children for generations to come. If we protest the spending and want to stop the debt madness, WE are the crazy extremists?
And where in The Constitution does it give anyone in Washington DC the authority to engage in wealth transfer, particularly from those who cannot represent themselves? Our children.
Dr. Anthony B. Sanders, Distinguished Professor of Real Estate Finance, George Mason University