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Tales of Tragedy

Recorded on March 31, 2011

It's time for common sense; I'm Ernest Istook.

Disasters like Japan's earthquake and nuclear plant crisis are huge shocks. The death toll is over 10,000 lives. Damage could reach $300-billion, including the impact on their economy in addition to property destruction.

That's horrible, but it gives us a baseline for comparing other things. Our annual federal deficit is $1.6-trillion—as costly as five Japanese earthquakes and tsunamis. Last year's proposed cap and trade bill to restrict energy usage—which fortunately did not become law—would have impacted America's economy just as badly as the Japanese tragedy. But there are two differences; cap and trade would be a man-made disaster. And its costs would have hit not just once, but each and every year

When Mother Nature strikes, it's front-page news. Yet when government strikes, it can be just as deadly to our economy.

For common sense, from The Heritage Foundation, I'm Ernest Istook.