I don’t really get it!
The prevailing wisdom within Democratic circles is that the stimulus was not large enough. More stimulus in one fashion or another is required to address the economy, they say. More stimulus, of course, means more debt, higher deficits, printing money and more impetus in the direction of inflation. No matter what we’d like to think, no matter the polls or the disapproval they reflect; John Maynard Keynes is alive, well and likely getting food stamps in the world of Democratic economics.
Does the drumbeat for more stimulus mean the Democrats got it wrong in the first place? As memory serves not a single Republican voted for the stimulus package; it passed. The stimulus could have been bigger, much bigger, there was nothing to stop it; the vote would have been the same.
The call for more Keynesian stimulus is, under present circumstances, DOA. Why focus on it? Why insist on it? It has been rejected as a curative, seen in hindsight as more political than economic. The Republican House won’t pass it. Why flog it? Is it just a negotiating position? I don’t get it!
I don’t get it …..unless, Democratic economic views remain non economic and exclusively political. That being the case, it’s not about stimulation; it’s simply about spending and the satisfaction of narrow interest groups. It is difficult if not impossible to reach any other logical conclusion.
It could be about the continuing narrative that capitalism and market based solutions are immoral. That argument prevails in the face of the facts. Capitalism has raised more people out of poverty and created the most powerful economies than any system in history. I don’t get it!
Perhaps we should be reminded of a bit or Churchillian wisdom; “Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.”