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New York Times (NYSE: NYT) columnist and Nobel Prize-winning economist Paul Krugman argues, in so many words, that, indeed, the United States must go back, to get to the future.

Krugman's advice for President-elect Barack Obama? Think big. Contrary to selected, conservative arguments about President Franklin D. Roosevelt's New Deal, the reason the New Deal had limited, short-term success was the fact that FDR's economic policies were too cautious, he said.

The New Deal: new life

The New Deal's long-term success and achievements, including the structural changes to the U.S. economy (including Social Security and bank deposit insurance), have proved to be both durable and essential, most economists, including Krugman, agree.

Hence, President-elect Obama should think big from the get-go, Krugman says, and avoid the mistaken belief that 'government spending made the Great Depression worse,' and Obama should move forward with a large fiscal stimulus to put people back to work, for work that needs to be done in these United States.

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NYT's Krugman to President-elect Obama: Think big originally appeared on BloggingStocks on Tue, 11 Nov 2008 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>1920s1930sBarack ObamaDemocratsFDRfiscal policyFranklin D. RooseveltgdpGreat DepressionHooverKeynesKeynesiansNew DealObamaPaul Krugmanpump primingRepublicansRoaring 20sU.S. economyWorld War IITue, 11 Nov 2008 16:00:00 EST<![CDATA[Could U.S. economy, American people tolerate more government intervention?]]>http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/#commentsFiled under: , , , ,

Could the U.S. economy tolerate, and, equally significant, will the American people push the nation's chief executive, the president, in the direction of more government intervention?

The view from here is: probably not. Everything in the American ethos and culture speaks against it.

Unlike in France, where the French Government is simply, "France," Americans, for the most part, view their government -- save defense spending -- usually as part of the problem, not the solution. 'Government is best which governs least' is a longstanding Americanism. And most investors/readers know about candidates who say they want to "get the Washington bureaucrats off the backs of the American people" and "clean up the mess in Washington!"

Americans are anti-central government, and they are anti-state (they generally dislike the limited federal government that exists). In the United States, it is always private first, public second.

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Could U.S. economy, American people tolerate more government intervention? originally appeared on BloggingStocks on Fri, 05 Sep 2008 17:08:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>1930scapitalismcorporate capitalismcredit crunchFDRfederal governmentFranceFranklin D. Rooseveltfree marketsgdpGreat DepressionMcCainNew DealObamaprivate sectorpublic sectorU.S. economyU.S. GovernmentU.S. presidencyFri, 05 Sep 2008 17:08:00 EST