Over the weekend, Ezra Kleinwrote an important piece on his Wonkblog describing how wrong many people got it in regards to the severity of the recession, the path out of it, and the politics of blazing that path.
Paul Krugman offers a commentary on his “Conscience of a Liberal” blog.
It’s a fascinating – okay, and depressing – read, and the political wonks among us may debate whether Obama could have marshalled the sizeable political capital he amassed upon his election to do more. But bottom line remains that the road to this debacle was paved with deregulation and tax cuts, exactly the medicine the Right wants to administer again.
They got it wrong once, and it resulted in the loss of millions of jobs, a huge transfer of wealth – lost in the middle class, gained above – and the wholesale destruction of faith in the future. Beyond that, it created an opening for an unprecedented (in terms of scope and gall) assault on the social contract that created the foundation for American prosperity for 70 years.
Let’s not let them get it wrong again.