If you are, read this.
The Bloomberg editorial below by Ramesh Ponnuru demonstrates beyond a shadow of a doubt that current economic policies are just a disaster; they are a bi-partisan disaster. We had destructive Keynesian policies under Bush, then Keynesianism on steroids under Obama, and now we have a visiting fellow of the American Enterprise Institute and senior editor of the National Review who says that we should have done even more of the same.
Like most Keynesians, Mr. Ponnuru simply asserts his position that we need even easier money policies. He does not bother to offer supporting arguments or evidence. We are supposed to regard as self-evident or take on faith policies that defy the most elemental common sense, for example the insistence on curing a problem caused by too much bad debt and thoughtless spending with even more bad debt and thoughtless spending.
What is interesting about this is not the advice, which we have heard before; it is the source, from the inner sanctum of political conservatism. As a conservative, Mr. Ponnuru presumably wants smaller government. But he seems entirely untroubled by the role of the Fed in financing the massive expansion of government by repressing interest rates and buying government bonds with newly created money. He wants even more, not less of it.