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February 28, 2007


Josh G.

Brad DeLong: "In the mid-1960s economists thought that they had it right. Bretton Woods. Keynesian domestic demand management. Progressive tax and transfer systems. And perhaps a bit of public ownership of the "commanding heights" and of "indicative planning." The problems of economic management seemed--to some at least, in the first world at least--to be broadly solved. [...] But as a result of the 1970s and 1980s, consideration of these problems was pushed into the far future, because it became clear that economists did not have it right..."

Actually, they did have it right. Greedy conservatives destroyed the New Deal consensus not because of any flaws, but because, for them, too much would never be enough. It was a decades-long campaign by liars, hacks, and fascists who never accepted FDR's actions as legitimate. They seized upon the temporary economic problems of the late 1970s (which had largely been caused by Nixon's political manipulations, America's support for Israel, and the Vietnam War) and used this as an excuse to once again declare brutal war on the working class, behind the smiling facade of Ronald Reagan.


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