In an excellent article in the Boston Globe (of all places), Ross Terrell takes the lunatic left to task for giving up on democracy, in Iraq, in Afghanistan, in Iran, in Venezuela, and everywhere else in the world where men and women yearn to breathe free. He also notes the contempt of the left towards attitudes of the common man, as well as the inability of radical leftists to accept the contrary verdicts of democratic elections. Witness the unintentional self-parody in Senator Edward Kennedy's (D- Rehab) remarks about the recent U.S. election. Notes Terrell:
"The Democrats are the minority party in Congress, " said Senator Edward Kennedy, "but we speak for a majority of the American people." Don't the winners of an election have a better -- if imperfect -- right to speak for a majority of the American people than the losers? Not so to a left whose eyes bulge with self-entitlement and whose pale hand is estranged from physical labor.
Self-righteousness and an irrational antipathy towards George W. Bush have reduced Democrats and many leftist fellow travellers to overt enemies of freedom, who secretly hope for economic catastrophe at home, and the death of brave American service personnel abroad. They hate America, plain and simple. If they can't win, they'd like the rest of us to simply go to hell. X-Files viewer, comedian, and "journalist" Seymour Hersh gives the game away in a recent radio interview, where he positively salivates at the prospect of American decline:
Seymour Hersh recently told "Democracy Now!" radio that America was in a bad way because "eight or nine neoconservatives" have "grabbed the government." Not mentioning that Bush was elected by 51 percent of the voters, Hersh did detect a ray of hope. One "salvation may be the economy," Hersh said regrettably, "It's going to go very bad, folks. You know, if you have not sold your stocks and bought property in Italy, you better do it quick."
Fortunately, the punchline to this bad joke is on Hersh himself. One can only hope Sy will surrender to his delusions and transfer his savings to Italy. Consulting my latest issue of The Economist magazine, I observe that unemployment in Italy stands at 8%, remarkably high given the low labor force participation rate of 49%. In the U.S., by contrast, unemployment is 5% on a 65% labor force participation rate. If as many people in Italy wanted to work as do in the United States, the Italian unemployment rate would be nearly 31%, or approximately 6 times the U.S. level. In 2004 and 2005, GDP growth in the U.S. is expected to be 4.3% and 3.5% respectively, versus only 1.3% and 1.4% for Italy. As it has for most of the past decade, the U.S. economy is growing 2 to 3 times faster than than the Italian economy. Italy's national debt is over 100% of GDP, versus only around 45% for the United States. Italy's population is aging rapidly, with birth rates well below replacement level. Given Italy's far more extravagant welfare state, this demographic time bomb will cause Italy's continuing budget deficit (currently 3% of GDP) to blow up much faster than in the U.S.
Sunning themselves in a pleasant Tuscan villa, Sy Hersh and his America-hating friends may believe Italy (or anywhere else in the Eurozone) is the future. Economic facts, however, suggest his long term bet on Italian real-estate will prove to be a sucker's bet. So sell your stocks, Sy, and hop on that boat. When the Italian crash comes, it couldn't happen to a nicer person.