Gongol.com Archives: April 2021
Jonathan V. Last concludes that we're in a precipitous state as a result of the rise of attention-seeking behavior as one of the key motivators in politics, and he's right to be worried. Yet there's still something to the idea that self-government is subject to laws that are much like gravity. As the economist Herb Stein famously said, "If something cannot go on forever, it will stop". ■ Antics cannot go on forever in politics -- at least, not if voters eventually want their government to be responsive. Think of one of America's worst political stunt artists: Sen. Joe McCarthy was eventually censured by his colleagues and left politically neutered until his death. ■ McCarthy's reign of terror could have gone on much longer under another system -- especially one in which the government itself behaves like an extensive criminal syndicate. China's Communist Party embraces supposed "anti-corruption" campaigns as a way to neutralize rival sources of power. They're not about fighting corruption -- they're about strangling any opposition. Under such a system, antics can go on almost indefinitely -- or at least until there's seemingly nobody left to purge. (Even in the Soviet Union, Khrushchev ultimately denounced Stalin's terroristic ways.) ■ This is not to say that stunts and bad behavior cannot go on for quite some time and do a great deal of damage in the process. The stunts can go on for years and through both direct injury and neglect can inflict serious harm -- often of a lasting variety. But within a system where voters retain control, performance art cannot substitute for results forever. In the end, a government that does not deliver finds itself involuntarily unemployed. (Sometimes, even success is rewarded with electoral defeat; see: Churchill, W.) ■ The forecast for clowns, buffoons, and stunt artists with little to offer but cable television hits cannot be any better than the forecast for those who actually do their jobs and still sometimes lose. How long the empty spectacle goes on depends upon the patience of the people paying the bills. If we're smart, we'll change the channel.
It may seem silly that the Federal Reserve chair has a hard hat and a high-visibility vest in his office. But in reality, it's a very good thing if the people who think about the economy have tangible ties to it. Jay Powell's accessories may be mainly ceremonial, but it's good for the people who think about the economy in the abstract to have first-hand experience with how it works in practice.
Per Axios: "At the current U.S. vaccination rate, all of those vaccine-enthusiastic adults could be inoculated by the end of April." It's obviously great news on one hand -- if everyone who wants one can get a vaccine dose within a matter of weeks, then we've reached an amazing milestone. But on the other hand, if the number who want the vaccine is markedly less than 100% of the entire population, then it's a symptom that we need to stimulate demand.