Putting the cart before the horse
Peter Schiff explains Obamanomics

The candlestick maker always wants food, but his demand can only be satisfied if he makes candlesticks, without which he goes hungry. The mere fact that he desires bread and steak is meaningless.

Enter the magic wand of credit, which many now assume can take the place of production.

An economy cannot run on consumer loans. Furthermore, credit stopped flowing in the U.S. for a very good reason: there was no more savings left to loan.

The central tenets of Obamanomics appear to be that access to credit will enable people to borrow money to buy stuff, the spending will spur production and employment, and thus the economy will grow. It’s a neat and simple picture, but it has nothing whatsoever to do with how an economy works.

Again what strikes me is the religious left, whose rhetoric against materialism can be impressive, have signed off on this. Unlike racially fair classical liberals are they obsessed with colour? From Ad Orientem.