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Wanted: Personal Economic Trainers. Apply at Washington Post

Next thing you know they’ll give Pearlstein a Nobel Prize

If you have a big home equity loan, an even bigger mortgage, over the limit credit cards, a car that will last a year with a loan that will last three, and poor prospects for future employment, apparently, the thing to do is to start lighting cigars with hundred dollar bills. When this is the prevailing wisdom, the end is nigh as the thought contains no wisdom and indicates a widespread acceptance of irresponsibility. This bastardization of the work of John Maynard Keynes has taken root in news rooms, editorial pages, legislatures, and cable news stations from sea to shining sea and across the fruited plain. It is accepted as if it came down from on high carved into stone tablets. One side decreeing the dangers of anthropogenic global warming and the other extolling Keynesian economics and specifying the liberal programs to spend money on to stimulate the economy. All of this presented as if it were based on science as sound as Newton’s Laws of Motion. The worst part is reading hack columnists like Steven Pearlstein denigrate prudence as economic illiteracy.

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