Because that was news to me, and yesterday, I was sitting around in a Percocet-induced haze, with a hurt back, bored out of my mind, and able to do little but read short things. So I decided to check into this recent, odd right-wing theory that the New Deal was a failure. I don’t know why this seemed like a good idea when I was lying in bed slightly nauseous with one functional arm. Yesterday, like I mentioned, was hazy.
But do remember that I did find a few very interesting posts over on The Huffington Post explaining the basis of the new critique of the New Deal as a failure. Hale Stewart takes Amity Shlaes to task for her misleading statements in The Forgotten Man (2007), the book where she charges that The New Deal prolonged the Great Depression because government spending plans discouraged private investment. Here is Shlaes discussing her New Deal theories with a bemused Jonathan Alter on Talk of the Nation.
According to Stewart, the new talk about the failure of government intervention from the Right Wing is justified by the arguments of Shlaes’ book, as well as a few papers by right wing economists who work at UCLA.
Here is Paul Krugman debunking Shales’ theory as mouthed by George Will.
And, in slightly unrelated economic news, here is the best plan for economic recovery I’ve heard so far, from none other than Jon Stewart.Vodpod videos no longer available.