President-elect Obama gave a speech the other day at George Mason University in which he made the following comment:
The majority of Americans’ attitude toward government has changed drastically in recent years. Only government can break the vicious cycles that are crippling our economy — where a lack of spending leads to lost jobs which leads to even less spending.
So now we are at peace with big government because only government can save the economy. Notice also the emphasis on lack of spending. Obama seems to think that the way to bring us out of a recession is to have the government spend more so that people can spend more. Spending one’s way into prosperity? It’s been tried. It was called the New Deal. It didn’t work then, and it won’t work now.