“Regardless, measured against the intended point of the New Deal—getting us out of the Great Depression—the New Deal was a failure. Indeed, many people—I’m one of them—would argue that the New Deal prolonged the Great Depression. But while the New Deal was a policy failure, it was a huge political success.”
Read More“In 1936, after FDR helped raise the top income-tax bracket to 79 percent, the revenue collected from income taxes dropped to $674 million, as rich investors withdrew their capital from taxable investments. The excise taxes, which hit the middle- and lower-income groups with full force, were over $1.5 billion. These new excise taxes, much more than income taxes, were helping fund the New Deal programs.”
Read More“Recovery had proceeded far enough to end despair, but not far enough to restore satisfaction. People still felt that many things were wrong, but no longer felt, as they had in the terrible days of 1933, that their single duty was to trust Franklin Roosevelt and hold their peace. By transforming the national mood from apathy to action, the New Deal was invigorating its enemies as well as its friends.”
Read More“Neither the inflation of the 1970s nor the transformation of America’s industrial heartland into its Rust Belt was inevitable, she argues. Both were direct, foreseeable consequences of short-sighted choices: demanding that monetary policy accommodate irresponsible fiscal policy, and labor and management agreeing to enrich one another by fleecing customers and shareholders ever more brazenly.”
Read More“By pragmatism’s own metaphors, their philosophy is like an acid that dissolves dogmas. The problem with acid is that it never knows when to stop burning. That’s why liberals are constantly discovering new crises that require more government solutions. Suggesting to activist liberals that maybe some day they could just go home and get a real job elicits nothing but bewilderment or rage when you bring it up.”
Read More“When you hand power over to planners, technocrats, or commissars to substitute their judgement for the rule of law, you are behaving like an outlaw, because you are literally outside the law.”
Read More“The “middle way” sounds moderate and un-radical. Its appeal is that it sounds unideological and freethinking. But philosophically the Third Way is not mere difference splitting; it is utopian and authoritarian. ” Liberal Fascism
Read MoreMadison was correct that a dispersal of special interests over a large land mass could protect a republic from tyranny, but he failed to foresee that special interests are no longer restrained by mere distance and geography. They now exist in the cloud.
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