Morning Joe 11/4/2011 -- If only we could deal with the debt problem

The Morning Joe crew today attempted to avoid Cain-bashing, but they couldn't help themselves. I suppose it's so offensive to the political class that Cain is surviving his blunders, history and media attacks, they are livid and unable to control their disdain. In the old days, Cain would be toast be now.

The guests this morning were Mark Halperin, Eugene Washington, David Gregory, Madeleine Albright and Gillian Tett from Financial Times. Mika and Joe had a recurring argument over raising tax rates on the rich vs eliminating loopholes. Scarborough revealed why the traditional, moderate Republicans are irrelevant. Republicans like Scarborough have valued compromise and political solutions over principled, philosophical positions based on sound economics and the virtues of limited government and non-intervention. Scarborough patiently explained to Mika why she is wrong about raising tax rates. Scarborough said that raising tax rates on millionaires might make her feel good but it won't raise anymore revenues, and that if loopholes are eliminated, then more revenue will flow into the government coffers. To Scarborough, this is the compromise which will generate a political solution, but to what end? The difference between Democrats and the New Republicans, as I understand it, is not how best to increase government revenues, but whether more money should be transferred from the private sector to government. Scarborough is simply looking for a way to "get something done" and he loses the argument, because Mika rightly asked "Why not do both?" Scarborough had no answer because he doesn't understand the fundamental issue which is spending is out of control and spending cuts are necessary, not schemes to transfer even more money from the private sector to government.

Given the premise that Scarborough conceded, Mika is correct -- if the goal is to find a compromise which will raise the most revenues, then eliminate loopholes and raise tax rates on the rich. Then, much more revenue will flow into government. If Republicans don't represent a true opposition to progressivism, then why change regimes in 2012 -- let's just go with the Democrats, raise revenues and make empty promises regarding spending cuts in the future when the economy is in better shape.

It was also reported that Obama is attending the G20 summit to provide his wisdom to Greece and Europe on how to handle the debt problem. As someone said, this is beyond ridiculous. Besides, debt is a symptom, not the fundamental problem. Obama made a statement that debt is the basic problem which the G20 faces, but this isn't true. The failure of statism is the biggest problem facing the G20. Welfare States are imploding, and unless they can embrace free markets and limited government, no new wealth will be created, and the decline of these States will continue. Gillian Gett said that the problem in Europe is not an economic problem but rather a political and cultural problem -- this is not totally correct either, unless she means that Europe needs to put political solutions and cultural ignorance aside to deal with the economic crisis which will make politics and culture meaningless when they collapse under a mountain of debt.

It's amazing that all these bright people on Morning Joe can't get to the fundamental problems and solutions -- they talk in circles regarding symptoms which have caused a downward spiraling loop for decades. They deal with symptoms and the problem gets worse, so they deal the new symptoms and the problem gets worse, on and on, with no one attacking the fundamental, underlying disease -- statism.

Albright praised Obama and NATO for the Libya operation, and the Morning Joe crew agreed, but this is madness. Obama and NATO went after one tyrant and stirred up a hornet's nest of tyrants, then left. An objective analysis would wonder if the cure is worse than the disease, and if the stated goal of protecting innocent Libyans will eventually lead to more deaths of innocents than Ghadafi would have caused if left in power. And the political class wonders why their manipulations aren't working in the Information Age.