Magazine article The New American

Newsweek: "We Are All Socialists Now"

Magazine article The New American

Newsweek: "We Are All Socialists Now"

Article excerpt

Newsweek magazine published the following headline on the cover of its February 16 issue: "We Are All Socialists Now: The Perils and Promise of the New Era of Big Government." Of course, it's hard to imagine that we have only now entered the era of "big government"--weren't we there already? But there is no doubt that both money creation by the Fed and spending by the federal government are accelerating to finance the proliferating bailout and stimulus programs.

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Newsweek claims: "In the absence of a robust private sector, the government will fill in the gap." In reality, the private sector has not been robust because the government has been anything but absent. As THE NEW AMERICAN has repeatedly pointed out, the economic downturn is a result of too much government spending, too many government regulations, too much government borrowing, and too much new money being pumped into the economy by the Fed. …

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