…And it’s slightly sickening to realize that the big winners in the midterm elections are likely to be the very people who first got us into this mess, then did everything in their power to block action to get us out.
But always remember: this slump can be cured. All it will take is a little bit of intellectual clarity, and a lot of political will. Here’s hoping we find those virtues in the not too distant future. 1938 in 2010
The March 1938 Gallup poll in this article shows 63% of 1938-Americans favored tax cuts, and 15% wanted more spending.
You know what’s creepy? This number: 2009 – 62% Want Stimulus Plan to Have More Tax Cuts, Less Spending, and 14% wanted more spending.
In 71 years, the public hasn’t changed. We’re wrong by the same proportions! We know that massive government spending was what pulled the economy out of the malaise of the Great Depression. Yet even then the public was horrifyingly muddled. I hope we find intellectual clarity Dr. Krugman, but Americans didn’t have it then and they don’t have it now.