Wednesday, August 1, 2012
The Best of The Funny Economist: The "New New Deal."
Thinking back historically, FDR did not mean "hey buddy have I got a New Deal for you" with his programs and agenda. No, the symbolism was that of shuffling the deck of cards and having a "New Deal." Taking in resources by the government and then having the government decide how and to whom they were dealt out. Sound familiar? It is no different from "spreading the wealth around." Maybe we should call the Obama agenda the "New New Deal." Go all in, put all your chips in the kitty, we'll decide how many you get back. Honest. Trust us.
If this is what the American people want, then this is a democracy and they will be heard. But make no mistake, the long-run steady state equilibrium unemployment rate in the US will soar. Take a look at the graph in the upper right (click on it). That shows the US vs. the French long-run unemployment data. Guess which way we will go? And if that is what you want, then as they say down here in the South, "come get you some." But I thought it was my duty to inform you before and whatever you decide.