New Deal Confusion

No wonder people are confused! You can read articles like this, that conclude that the New Deal prolonged the depression of the 30’s (turning a Depression into a Great Depression) and articles like this that suggest that the New Deal policies were abandoned too soon (turning a Depression into a Great Depression). The different ways of looking at data suggest opposite directions for policy. And it’s pretty clear that it’s lining up as a line of demarcation between Republicans and Democrats.

The Democratic Stimulus Plan is kind of a new New Deal – more modest in some ways, more expansive in others. Republicans are appalled. There won’t be easy agreement on this. It must be tempting for Republicans to think they should give the Democrats enough rope to hang themselves. The problem is, if the Democrats are wrong [and I think they are], we will all hang with them.

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