It’s apparent from reading their press that, according to free market conservatives, if America was suffering a traditional business cycle recession then counter-cyclical Keynesian fiscal stimulus measures might do the trick to shorten its duration.
But today’s recession isn’t cyclical, they say. It’s structural. And they should know. Today’s recession is the result of a financial crisis these lawless predators created with their reckless behavior but which they now want to blame on poor people who wanted bigger homes and the government that enabled them.
Trying to solve a recession like ours with a government jobs programs or stimulus investments is like trying to cure a hangover with the hair of the dog that bit you, conservatives say. Eventually the “cure” wears off and all you’re left with is a bigger hangover, say conservatives.
Therefore, say conservatives, we’ve got to let nature take its course and let capitalism’s natural recuperative powers cleanse our economy of all that toxic debt that built up in system during the capitalist go-go era when Republicans were in charge and deficits didn’t matter.
In exchange for such counter-productive liberal expedients as extending unemployment insurance, giving workers more disposable income through payroll tax cuts, or direct investments in the economy, conservatives offer what Jeb Bush did today in his Wall Street Journal op-ed: “A pro-growth strategy” that is “decidedly long term in orientation” and which “aims for higher standards of living five, 10 and 20 years out” by replacing “the false promise of entitlements” with a “solvent, dependable model that encourages work and savings.”
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