January 27, 2009
WSJ - Nancy "Malthus" Pelosi is loopy!
The Wall Street Journal printed an op-ed today calling Nancy Pelosi - "Speaker Nancy Malthus." The WSJ said she should "abstain from social engineering." They labeled her eugenic economic stimulus ideas "loopy."
The notion that a larger population will produce a lower standard of living can be traced to the 18th-century economist Thomas Malthus. But during Malthus's own lifetime, his prediction was proved false, as he later acknowledged. Population and living standards rose simultaneously, and have continued to do so.
Ms. Pelosi's remarks ignore the importance of human capital, which is the ultimate resource. Fewer babies would move the U.S. in the demographic direction of Europe and Asia. On the Continent, birth rates already are effectively zero, and economists are predicting labor shortages in the years ahead. In Japan, where the population is aging very fast, workers are now encouraged to go home early to procreate. Japan is projected to lose 21% of its population by 2050.
The age and growth rate of a nation help determine its economic prosperity. A smaller workforce can result in less overall economic output. Without enough younger workers to replace retirees, health and pension costs can become debilitating. And when domestic markets shrink, so does capital investment. Whatever one's views on taxpayer subsidies for contraception, as economic stimulus the idea is loopy.
Local abortion loving bloggers love to call me crazy. Yet here the WSJ agrees with me that anti-lifers like Pelosi are the ones who are truly stark, raving mad.