Friday, August 19, 2011

FDR and Obama: Separated at Birth by Dom Armentano

FDR and Obama: Separated at Birth by Dom Armentano:

It is now beyond dispute that the Keynesian policies of the Obama Administration have not brought about a sustainable economic recovery.

Massive stimulus spending (with money borrowed from China) and unprecedented increases in the money supply by the Federal Reserve (to hold interest rates near zero) have not revived private investment or the U.S. job market. We are likely headed back to recession and recriminations for our economic problems abound.

Free market economists correctly blame government interventionism for the current mess. Funny money from the Fed, deficit spending, and bailouts cannot promote prosperity; never have, never will. Liberals argue, however, that these very same policies just weren’t aggressive enough (!) and that what really failed was leadership in Washington.

If only we had a decisive leader like Franklin D. Roosevelt, we are told. After all, didn’t FDR’s leadership restore confidence during the 1930s and didn’t his policies help end the Great Depression?

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