Time: Hyperinflation Will Be Tea Party’s Fault
- Posted on November 11, 2010 at 7:08pm by
Meredith Jessup
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If hyperinflation happens, it will be because of the tea party. And Sarah Palin.
So goes the reasoning of Time Magazine. In a post on its website Thursday, Time’s Stephen Gandal asks, “Will Sarah Palin and the tea party cause hyperinflation?” In case this thought seems counter-intuitive to you, it’s because it is. As NewsBusters pointed out Thursday afternoon, “The notion that debt is equal to income minus expenditures also eludes the folks at Time.”
So how on earth would the smaller-government/decreased-spending agenda of the tea party movement possibly cause hyperinflation? If you believe what you read in Time Magazine, it apparently goes something like this:
Before the Tea Party, inflation is rising slowly. But in the first year the Tea Party or a group with similar views wins the Presidency or takes over Congress, whamm-o. Inflation doubles, and keeps going up. …Ever since the financial crisis, some, Tea Partiers in particular, have been predicting that the country may have an upcoming massive bout of inflation. And why not. Many of the things we have been through seem like the type of stuff that should make our currency dive and prices go up. …The real threat of inflation comes from tax policy, namely lower taxes. Lower taxes and the government will have a harder time paying back its debt. Investors run from our bonds and currency. Inflation ensues. …
Forget that the federal government has hiked annual spending levels by a whopping 38 percent in just three years. Pay no attention to the fact that Congress continues to raise the debt “ceiling.” And ignore the fact that the Federal Reserve is printing more and more money to keep interest rates artificially low. None of that has anything to do with the threat of hyperinflation — Time says it’s the people who oppose all of these fiscally reckless policies who will be the real culprits, or something.
Instead of owning up to the fact that the federal government’s fiscal policy has been a trainwreck for years, Time puts blame on the tea party movement because they demand Washington actually start paying its bills and stop digging in its financial hole. Instead, Time reasons that the only way to avoid hyperinflation is to raise taxes — a notion NewsBusters calls “absurd.”
Finally, Ed Morrissey at Hot Air effectively defended the tea party and its spending-cuts agenda, directing the blame where it belongs:
Uncontrolled inflation doesn’t get created from tax cuts; it arises from bad monetary policy, ill-advised government interventions, and a serious lack of confidence in the currency. Tax cuts uncoupled from spending cuts can certainly make for bad policy and set the stage for inflation, but all one has to do is look at the last nine years of stable tax rates and the runaway rate of spending increases in Washington to determine where the actual problem lies. It’s not the tax rates that kept changing, nor is it a decline in revenue that created the massive deficits. For most of the last ten years, revenues have increased, with the exception of the last two years of deep recession; the deficit problem resulted from spending increases that have far outstripped the revenue increases.
Finally, the Tea Party may be philosophically inclined to low taxes (seeing how well they worked in the 1980s and in the early 2000s in stimulating growth), but that’s not the issue on the table. Democrats in Congress want to raise taxes on the employer class, not cut taxes for everyone else. The Tea Party and Sarah Palin want to cut spending instead and shrink government, a strategy that has worked to restore economic growth in this country when it was tried in the 1960s, the 1980s, and in 2001-3, and in none of those cases created runaway inflation. Perhaps Time needs a little more intellectual curiosity.
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Comments (208)
RPGZero
Posted on November 11, 2010 at 8:19pmI honestly cannot believe they had the audacity to write this.
Additionally, Mr. Beck was correct. When the economy finally gives way, they are going to attempt to plant the blame on conservativism.
Report Post »heavyduty
Posted on November 11, 2010 at 8:41pmIf they hadn’t wrote this story, then they wouldn’t have had anything to write about. The Time Magazine was a pretty good rag in its day. But now I rate it right up there with the tabloids and I don’t buy those either.
Report Post »Tracking
Posted on November 11, 2010 at 8:19pmWell isn’t this surprising coming from TIME. We all know who bought Time magazine….George Soros and his hidden gang. No kidding.
Report Post »drbage
Posted on November 11, 2010 at 8:17pmDoes this mean that the era of blame Bush for everything is over? Could this be the message that the Dems got from the election? Falls right in line with Obama’s speech to Hispanics that we the people who believe in the founding principles are the enemies.
Report Post »Sweet Sister
Posted on November 11, 2010 at 8:14pmGeez, and people believe this stuff? WAKE UP AMERICA!!!
Report Post »HillBillySam1
Posted on November 11, 2010 at 8:10pmHow about lower taxes to spur job growth and less government spending so that the increased revenue from private, not public, job creation will reduce the national debt?? Is it really that hard to contemplate?? I figured that out in my third year of 2nd grade.
Report Post »I thought that “Time” was a prison magazine…..maybe it is after all.
i1776
Posted on November 11, 2010 at 8:09pmTime magazine? More like out of time…morons! They will try anything in desperation.
Report Post »Tercel
Posted on November 11, 2010 at 8:08pmThe left is freaking out. Their emperor has no clothes and now that he has been exposed, they are leaderless…chickens with their heads cut off. Blame anyone else, everyone else but not their fault.
Report Post »blacksmith
Posted on November 11, 2010 at 8:05pmThey must get the scapegoat prepared for slaughter before anything has even taken place, you at least would let the new representatives and senators to take the Oath of office prior to taking them to slaughter. The media is ready to lay the blame at the feet of the conservatives and the Tea Party and this comes as no surprise.Prepare yourself for the coming insurrection.
Report Post »Bullwinkle
Posted on November 11, 2010 at 10:10pmExactly. What did we expect, that they would accept defeat? Like their main man, Obama, they can’t take any blame. It‘s our fault that we’re so stupid that we can’t see the glory of their plans for us. If we‘re having financial problems it can’t be their fault because they are so smart. Therefore, it has to be someone else and who is handier than the very enemies that cost them so much power.
Report Post »OneRepublic4us
Posted on November 11, 2010 at 8:04pmI’ll give them this at least, they realize how pathetic and burned out the “it‘s Bush’s fault” line of bs sounds. On the other hand they don’t realize this “logic” sounds even more desperate!
Report Post »sagebrush rebel
Posted on November 11, 2010 at 8:02pmNow I get it…..
Baby Barack, Daddio Bernanke and Grandpa “Spooky Dude” Munster are disguised Tea Partiers…..
Report Post »ConservativeJane
Posted on November 11, 2010 at 8:01pmI wonder who they blame when they overdraw their personal checking account?
Do you sometimes feel like we are living in parallel universes? There are days when I’m tempted to say to the libs that they take each coast and we take the middle. Let them have their liberal bastians….we’d be better off without them.
Report Post »megansmom
Posted on November 12, 2010 at 12:18amThey don’t have overdrawn checking accounts cause they just go to their personal printing presses and low and behold they have enough money.
Report Post »Psychosis
Posted on November 11, 2010 at 7:57pmlol wow they are grasping lol freakin idiots………………but the sad thing is , in the future when people look back and read these types of article, they are going to think thats what happened .
Report Post »VABuckeye
Posted on November 11, 2010 at 7:57pmI must have missed something, when did the Tea Party take control of the Federal Reserve???? Is Ben Bernanke a Tea Partier???
Oh wait, the Left is waging a battle of wits with no logic once again.
Report Post »N37BU6
Posted on November 12, 2010 at 5:43amIsn‘t it time people stopped valuing TIME’s opinion?
http://img255.imageshack.us/img255/1438/ttntp.jpg
Report Post »thesixfour
Posted on November 11, 2010 at 7:57pmWah wah wah! Blame Blame Blame!
Isn‘t this what children do when they don’t want to take responsibility for doing something wrong?
Report Post »General K
Posted on November 11, 2010 at 7:57pmPredictable from the left. Still trying to start a riot directed toward the tea party folks. How low can they stoop?
Report Post »OBAMAWORSHIOER
Posted on November 11, 2010 at 7:55pmRememebr that Glenn warned us that the Progressives would blame everything on the Tea Party. They’re simply starting early.
Report Post »K Williams
Posted on November 11, 2010 at 7:55pmWhat a joke, they put the country in the hole and then try to blame it on the saviors.
Report Post »what4
Posted on November 11, 2010 at 10:00pmThe tea party is, the proverbial “wrench” in the gears of the Marxist machine!
Report Post »Chett
Posted on November 11, 2010 at 7:54pmrofl
I think electing Obama is the cause of global warming …his dark skin attracts more sun.
the science is about as sound.
and the call us stupid.
Report Post »Lucy Larue
Posted on November 11, 2010 at 7:54pmThere is no “INTELLECTUAL CURIOSITY” at Time. Yet…,ironically, Time is overrun with Faux Intellectuals.
Report Post »BoilitDown
Posted on November 11, 2010 at 11:13pmLucy Larue:
Report Post »Faux intellectuals indeed! Not to excuse Stephen Gandal’s lack of reasoning powers or inability to employ logic, Time’s managing editor, Richard Stengel, is at the heart of these absurd articles. Stengel seems to think he has some sort of mandate to undermine the Tea Party movement regardless of any facts or logic. Journalistic ethics or integrity don‘t influence Stegel’s motivations, but rather his elitist standing within that small circle of people who exclude the vast majority of Americans.
Then, of course there is the epitome of faux intellectuals in media power, Joe Klien. He cannot be countered in his views within Time’s pages because Richard Stengel falsely claims he cannot find any good conservative columnists.
Time magazine‘s credibility continues to plummet primarily because of Rchard Stengel’s ineptitude and dishonesty.
parmajohn
Posted on November 11, 2010 at 7:54pmTo Quote The old man on Pawn Stars “OH MY GOD”
Report Post »Lesterp
Posted on November 11, 2010 at 9:32pmLove it
Report Post »vennoye
Posted on November 11, 2010 at 7:51pmWhy not blame the conservatives for this…….they blame us for everything else…nothing new here!! It does make you wonder if people on the left even know how to balance their checkbooks though!! On second thought maybe they are all the economists the administration is always quoting.
Report Post »silentwatcher
Posted on November 12, 2010 at 1:31amno problem as long as the Fed Reserve keeps counterfeiting, sorry, keeps printing money. Right? Every extra dollar printed lessens each dollar in circulation (that’s the dollar(s)) in your pocket. The pace now is dangerous, that is what will cause hyperinflation. The dollar, in other words, will be nearly worthless. Like the Great Depression, it wasn’t like there was a shortage of goods to purchase, it just cost too damned much to buy it. Sound familiar?
Report Post »silentwatcher
Posted on November 12, 2010 at 1:53amand when the U.S. economy crashes, there will be riots which will continue throughout the nation and uncontrollable. The majority of the American military and the law enforcement agencies will no longer work for a broken system, unwilling to enforce civility to a public that has been deceited by it’s government. Anarchy will temporarily rule. The United Nations will step in to control the masses and never leave. A new RULER will be appointed (care to guess who he would be?) by the U.N. Our constitution will be dead and our new laws will be established by the leaders of the U.N. We will be under their rule forever.
Report Post »JOEL 2:12-13
Posted on November 11, 2010 at 7:49pmDon’t forget that debt equals wealth. I think it was Pete Stark that came up with that gem.
Report Post »snowleopard3200 {mix art}
Posted on November 11, 2010 at 8:36pmI like Dave Ramsey better, get out of debt to generate wealth.
Report Post »starman70
Posted on November 12, 2010 at 8:19am@ Snowleopard:
Dave Ramsey is CORRECT to the Nth degree. Washington Idiots must Stop overspending and get America out of debt. We, as families, must do the same thing.
Report Post »DagneyT
Posted on November 11, 2010 at 7:49pmExcuse me, but a stupid magazine that is so BROKE (not an ad for Glenn’s book) it sold for $1.00 males this stupid statement, we should give it an ounce of credence………………….?
Report Post »ILFarmer
Posted on November 11, 2010 at 9:38pmWow, If I had any inkling of reading Time before, I don’t now. They continue to discredit themselves. It’s suddenly obvious that they have been bought up by Soros now. Just another drop in his mass media bucket.
Report Post »Red Bubba
Posted on November 11, 2010 at 11:02pmMAD magazine has moer objective journalism.
Report Post »glenng2
Posted on November 12, 2010 at 5:18amGet your facts straight before you mouth off it was Newsweek that sold for a dollar.But I would agree that Time is just another left wing rag.
Report Post »BlackMan
Posted on November 13, 2010 at 9:55am@ Dagney Taggert, always good to hear from you.
Report Post »NukeHaze
Posted on November 14, 2010 at 6:03pmThey should rename the magazine “Quittin’ Time” for one final issue and just go under, no requests for bailouts or anything if they truly believe in what they preach. If what the preach is true, they should have no worries that the dem/lib/regressive government safety net will be there for them and refuse to let them fail or go under. How about that? Refusal to even let a business quit?
Report Post »NickDeringer
Posted on November 11, 2010 at 7:47pmThe Left Wing smear machine is kicking into overdrive. They forgot to mention that the Tea Parties are causing global warming, the AIDS epidemic, crime in the Black Community, the Hindenburg disaster, and they killed Christ.
Did I leave anything out?
Report Post »vennoye
Posted on November 11, 2010 at 7:53pmOklahoma City, remember. What dribble.
Report Post »mara123
Posted on November 11, 2010 at 8:13pmThe progressives fate is sealed even if they win what they want, 25 years ago there fate was forecast,
http://www.youtube.com/watch?v=_Iz3VjoHXLA&feature=related
Report Post »Rev. WC
Posted on November 11, 2010 at 8:16pmI thought Bush did all that.
Report Post »snowleopard3200 {mix art}
Posted on November 11, 2010 at 8:35pm@Mara 123
Interesting, and right from the horses mouth. I will pass this on.
Report Post »Thanks.
tenring
Posted on November 11, 2010 at 9:42pmDon’t forget Mount St. Helens Eruption.
Report Post »CatB
Posted on November 11, 2010 at 9:47pmI thought the TEA Party was inconsequential .. unimportant … etc? Now it is ALL powerful? LOL …
Report Post »Robert W
Posted on November 11, 2010 at 10:18pmLet me guess, next itll be Christians fault. Thats right around the corner.
Report Post »bbquizzle
Posted on November 12, 2010 at 12:06amWe shot JR.
Report Post »Rogue
Posted on November 12, 2010 at 10:20amTea Partiers also is responsible for global warming, war in the Middle East, and extinction of the unicorns.
Keep it Up, Time. Your newstand sales have dropped more than 30% in each of the last two years. As soon as those door-to-door magazine sellers go to work for One America (the new ACORN) next year, you will be out of business.
Report Post »NukeHaze
Posted on November 14, 2010 at 5:43pmMARA123 those clips are very informative. I would encourage everyone to watch the full cli you gave the link to. I could not believe how accurate this guy’s predictions were and the framework he laid out that he admitted to being part of. He obviously knows a great deal about the subject and has participated in implementing it. I applaud him, even at this time for defecting and being a whistle blower. Thanks to CommieBlasters for the vid.
Report Post »Jack007
Posted on November 11, 2010 at 7:45pmThe Butler did it!
Report Post »Dustyluv
Posted on November 11, 2010 at 8:10pmExcuse me? Can I print money?? ******** will never learn they cannot blame conservatives for the mess their meddling has made. Time to return to FREE markets!
Report Post »Rev. WC
Posted on November 11, 2010 at 8:13pmand the plot thickens…
Report Post »what4
Posted on November 11, 2010 at 8:25pmTrust me, if I could print my own money……I’b buy me a president too!
Report Post »snowleopard3200 {mix art}
Posted on November 11, 2010 at 8:32pmThis now confirms what has been long suspected Time is owned or bribed by Soros.
I feel it is time for Time to go away for good.
http://www.artinphoenix.com/gallery/grimm
5
Posted on November 11, 2010 at 8:47pmand Bush. It has to be some of His fault. BUSH DID IT!
Report Post »H2OBoardem
Posted on November 11, 2010 at 9:03pmSo now we know what Obama plans to do. But, shouldn‘t it be Bush’s fault?
Report Post »HimmlersMasterPlan
Posted on November 11, 2010 at 9:04pmwith a lead pipe
Report Post »CatB
Posted on November 11, 2010 at 9:41pmThe SPIN SPIN SPIN … of the left … give me a break ..
Report Post »Major Infidel
Posted on November 11, 2010 at 10:09pmIt’s the American citizens fault.
Times. They are a changin.
Report Post »Robert W
Posted on November 11, 2010 at 10:12pmhahahahaha
Report Post »Robert W
Posted on November 11, 2010 at 10:20pmThats why Time sold for 1 dollar.
Report Post »cruisemates
Posted on November 11, 2010 at 10:21pmThe lowest of the lowest LOSER tactic of a loser is….
BLAME SHIFTING. I HAD to do it – because YOU made me!!!!!!!!
AKA – reverse responsibility excuse making. I wouldn’t do it, but you made me.
Next comes the apology – but I’m sorry babes, an‘ I promise I’ll nevah evah do it agenn, who luvs ya?
Report Post »Anarcho Capitalist
Posted on November 11, 2010 at 10:46pm@DUSTYLUV
Report Post »Read Atlas Shrugged. Please, please read it.
By Ayn Rand. You would think she was a profit.
Blazergirl
Posted on November 11, 2010 at 11:33pmSure why not blame the tea partyers. They have to blame someone right? Next they’ll have proof because the tea partyers will probably be the only ones that have prepared themselves for this hyperinflation. Like stalking up on food. They‘ll say the tea partyers bought up All our food so that it will be so scarce and that’s why sugar is $23.00 a pound. Whaaaaaat ever. I am prepare. Are you?
Report Post »Anarcho Capitalist
Posted on November 11, 2010 at 11:49pmlol !!!
Report Post »Low taxes cause inflation. Wow. I had no idea that low taxes cause the fed to pump counterfeits into the system and congress to go on a spending spree. What next? Water causes cancer?
Anarcho Capitalist
Posted on November 11, 2010 at 11:50pmI should not have left out.
war is peace
freedom is slavery
ignorance is strength
read 1984
Report Post »bobby535
Posted on November 12, 2010 at 12:38amAnd here they come!!! Funny how predictable it is.
Report Post »CultureWarriors
Posted on November 12, 2010 at 12:48amTime just put the final nail in the their coffin. They have zero credibility and only a moron would read it.
On a funnier note here’s recap of Nov 2nd, 2010… It took a little longer than I wanted because I didn’t get into the studio for the music until a couple days after the election … Warning it may cause distress in Liberals! :-) http://www.youtube.com/watch?v=W1CKYjz9Fj0
Report Post »Promotefreedom
Posted on November 12, 2010 at 9:55amDOH! The ******** are playing to 1000′s of Homers.
Report Post »Economics…. What ??? Gotta run, call comin’ in.
thepatriotdave
Posted on November 12, 2010 at 10:32amI Googled Time’s Stephen Gandal and found a very short, but to the point entry… “M-O-R-O-N”.
PatriotShops.com
Report Post »ron the veteran
Posted on November 12, 2010 at 1:33pmits always someone elses fault with these guys. its never their doing. im about as sick of it as i can get. its time to hold the criminals in government to account. what the dems have done is criminal. and they should all be prosicuted by us. if our state governments wont do it, its up to us!
Report Post »pajamash
Posted on November 12, 2010 at 4:08pm“Will Sarah Palin and the tea party cause hyperinflation?”
Not if the democrats see the light and start cutting programs like the British are doing!!!!!
BlackMan
Posted on November 13, 2010 at 9:50amEconomics 101:
Inflation is caused by too much money chasing too few goods/services.
No increased demand, no increased productivity, but there is an increase in currency in the marketplace chasing the same amount of goods and services.
WOW – They dont know that?
Report Post »ozz
Posted on November 14, 2010 at 3:22amDemocans and republicrats are BOTH to blame!! They are a bunch of statists. Libertarians and TEA party have it right. HEY DONKEYPACADERMS STOP SPENDING!! It is not your money. It is MY money. It is my kids money. It is my grand kids money. YOU ARE NOT FING ROBINHOOD! I do not want to hear about the poor without health care. Let them go out and earn it like I have to. Or if they made poor life decisions let them pay for it, not me. Keep it up and we get the muskets.
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