November 24th, 2008

I suppose it’s not surprising that the folks who deny that anthropogenic global warming is a real problem also believe that the New Deal made the Great Depression worse. And I suppose it would be unreasonable to hope that they would listen to reason.

The moral of the story of the 30s is that if FDR had been more Keynesian and less committed to balancing the budget, the country would have recovered faster, as it did when the huge fiscal stimulus called World War II hit. Fortunately, Barack Obama seems to be listening to people who, having studied history, prefer not to repeat it.

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