Ilya Somin might have given us a hint at what Obama’s Administration might be centrally planning:
Interest group pressure has already played a key role in the congressional vote on the finance industry bailout, and it is likely to be equally important in structuring the massive future bailouts to come. Once Obama takes office, we are likely to see some $500 billion to 1 trillion in additional bailout spending – and that may be just for starters. Interest groups will play a major role in allocating this money, and they are already ramping up their lobbying efforts.
On the surface this sounds pretty bad, and it is.Â It’s well established that central planning of an economy is folly, and these fools are arrogant enough to think they can do it.Â But I am actually somewhat relieved if this is the kind of crap that Obama will be driving through Congress.Â It won’t engender a large amount of public support, and will be relatively easy for successive Administrations and Congresses to undo.Â The real fear (well, other than new gun control, for our purposes) is that Obama will pass a massive new entitlement program, such as national health care.Â Entitlements are nearly impossible to get rid of once they are in place, so if Obama and Emanuel wants to waste taxpayer money by sending tax dollars to inefficient industries, rather than passing new entitlement, all the power to him.Â It will make rallying public opposition that much easier.