The administration is in thrall to the Keynesian demand-management paradigm that treats every big economic downturn as a potential replay of the Great Depression, thus requiring massive fiscal and monetary stimulus to revive demand. But the Covid slump wasn’t driven by lack of demand, but by deliberate policy decisions taken by federal and state governments to close down economic activity for reasons of public health.
Biden's Economy Will Be a Train Wreck
Warning lights should be flashing. Less than a month in, it’s becoming evident that President Joe Biden’s economic policies are likely to end in disaster. The wrong economic diagnosis and the politics of not letting any crisis go to waste is leading to the most damaging mix of economic policy in decades.
The administration is in thrall to the Keynesian demand-management paradigm that treats every big economic downturn as a potential replay of the Great Depression, thus requiring massive fiscal and monetary stimulus to revive demand. But the Covid slump wasn’t driven by lack of demand, but by deliberate policy decisions taken by federal and state governments to close down economic activity for reasons of public health.
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The administration is in thrall to the Keynesian demand-management paradigm that treats every big economic downturn as a potential replay of the Great Depression, thus requiring massive fiscal and monetary stimulus to revive demand. But the Covid slump wasn’t driven by lack of demand, but by deliberate policy decisions taken by federal and state governments to close down economic activity for reasons of public health.
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