Spend! Spend! Spend! The EU has granted all of the European Space Agency’s wishes to the tune of $10 billion. This is, of course, a drop in the bucket compared to the multi-trillion dollar spending in the US, but it’s indicative of the mindset of elected officials. It’s also a reminder that the state is the last one to feel the financial crunch.
Although governments should be reducing citizens’ tax burdens and paying down debts in order to help move this depression along, they are stuck in some bizarre dream where spending money that doesn’t exist will somehow cure the market correction.
8:36 am on December 1, 2008
