This brings me to my original theme: why America\u2019s recovery \u2013 which will eventually come, as night follows day \u2013 cannot be an instantly usable model for a British one, which is not inevitable. It is not federal governments that bring about economic revival in America: it is the country\u2019s people.<\/p><\/blockquote>\n
From Daily’s pen to God’s ears.<\/p>\n
John McCain got pounded by the media and America’s Stupid Class for saying, in 2008, that the fundamentals of the American economy were strong. \u00a0As wrong as he was, and is, on so many issues, he had that one as right as anyone ever has.<\/p>\n
Because the only <\/em>relationship our economy has with our government is a negative one. \u00a0Government action inevitably harms the economy (in the long run, if usually but not always the short). \u00a0It’s only when government butts out that it does no harm<\/em>, which is the best it can do.<\/p>\nEven Franklin Roosevelt\u2019s New Deal has finally been demythologised. All those works projects and federal programmes may have done something for national morale, but the hard economic evidence shows that the worst effects of the 1929 crash had begun to abate under Herbert Hoover, and that the Great Depression (which was arguably prolonged by FDR\u2019s policies) did not properly end until the US entered the Second World War.<\/p><\/blockquote>\n
That’s the elephant in the American economic room.<\/p>\n
We’ve got four generations of economists, now, who pay obeisance to the flawed notion that Keynesianism worked, once.<\/p>\n
It’s wrong, of course; as Dailey notes, it was a morale booster that arguably did more harm than good, and certainly prolonged the period of extended private unemployment.<\/p>\n
No – America’s nine economic lives come from its private <\/em>sector.<\/p>\nRead Dailey’s entire piece.<\/p>\n
Send it to a liberal friend. \u00a0Make a liberal friend to send it to, if you need to.<\/p>\n","protected":false},"excerpt":{"rendered":"
Janet Dailey, writing in the Telegraph, notes British Minister of the Exchequer George Osborne’s visit to the US, along with Prime Minister David Cameron. “George who, minister of what?” George Osborne. \u00a0The “Minister of the Exchequer” is what they call their “Secretary of the Treasury” over there. Anyway, Dailey – who is a center-right columnist […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-26946","post","type-post","status-publish","format-standard","hentry","category-capitalism-v-socialism"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/26946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26946"}],"version-history":[{"count":6,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/26946\/revisions"}],"predecessor-version":[{"id":26954,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/26946\/revisions\/26954"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26946"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}