The Practical Philosopher's Blog

Using the practical application of timeless wisdom to address modern issues

What the Obama Economic ‘Stimulus’ Plan Will Give Us

All we’ve heard about is how this economic downturn is so bad that it is compared to the Great Depression. Then we hear the blather how Obama is a modern-day Roosevelt. Well, if that’s true, here’s some historical fact (article link) on what we have to look forward to with Obama’s ‘New Deal’ and our economy:

It was May 1939. In less than two years, the Empire of Japan would spoil America’s splendid isolation … and drag us into World War II, thus ending the Great Depression.

But on that May afternoon, electric fans cooled the House Ways and Means Committee room as the congressmen puzzled over the economy’s persistent doldrums. No previous recession had lasted even half as long. The unemployment rate had again topped 20 percent — though it had been seven years since the New Deal began. Henry Morganthau, Roosevelt’s Treasury secretary, was testifying, and he was brutally honest about the results of the greatest (to that time) experiment in Keynesian fiscal policy:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this Administration we have just as much unemployment as when we started. . . . And an enormous debt to boot.”

The outcome is always the same when ever wishful ideological thinking is used in place of objective wisdom. Someone should coin a saying to the effect: ‘Those who don’t learn from history are doomed to repeat it’ or something like that…

Filed under: Economy, Philosophy, Politics, , , , , , , ,

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