The Once And Future Depression

clipped from www.realclearpolitics.com In an election campaign in which not only young liberals, but also some people who are neither young nor liberals, seem absolutely mesmerized by the skilled rhetoric of Barack Obama, facts have receded even further into the background than usual. As the hypnotic mantra of "change" is repeated endlessly, few people even raise the question of whether what few specifics we hear represent any real change, much less a change for the better. Raising taxes, increasing government spending and demonizing business? That is straight out of the New Deal of the 1930s. The New Deal was new then but it is not new now. Moreover, increasing numbers of economists and historians have concluded that New Deal policies are what prolonged the Great Depression. Senator Obama may gain similar popularity by advocating similar policies today-- and his political popularity is what it's all about. The consequences for the country come later.