Sunday, November 22nd, 2009
How the contexts of history repeat themselves.
At the outset, no one was sure the New Deal would work, but it did. Soon afterward, economist John Maynard Keynes provided the reasoning: Contrary to economic orthodoxy, government action and deficit spending are essential tools to combat the failure of the private economy in a depression.
The essence of the draw above from this San Francisco Chronicle article is not the cursory truth of the recovery but how it recalls structures in Congress at the time, such as the Conservative Coalition. Walker and Brechin are right to argue more now will probably be better than misguide frugality in the future.
Politically, it’s going to be tough to add more money to the economy. I watched the morning shows again and listened to foes blame just about everything on a “public option.” In this insipid, safe climate party politics isn’t about the issues but about future narratives, which is how the sin curve of Congressional power undulates.