The headline of Bob Golm’s recent letter to the editor Obama only human, does not have superpowers (SN 1/27) seems to be about the only reasonable statement in the entire piece.
Nearly all his charges point to a strong misunderstanding of both economic and political history. The Great Depression offers numerous lessons and boundless parallels with today. Both came at the end of long tenures of strong economic conservatism of the type Mr. Golm heralds, times when regulations were flouted and income distribution highly skewed. While redistribution of wealth may not be written in the Constitution, it is of paramount importance to a functioning democracy and economy.
The Great Depression was a worldwide phenomenon, and much of Europe recovered sooner than the United States thanks in part to their quicker embrace of Keynesian economics. Mr. Golm, like Presidents Herbert Hoover, Ronald Reagan and George W. Bush, seems to have a reckless, blind faith in the volatile, unregulated markets that have eventually busted for each of these men and, more unfortunately, for the American people.
Rather than pursuing “irresponsible spending,” we find ourselves today in desperate need of investment in America’s future. Our infrastructure needs repairs, our buildings need to be made more efficient and our energy sources need to change. Not only will President Barack Obama’s action today provide economic stimulus, but it will also save money in the long-term.
Feel free to blindly follow the gospel of Adam Smith, Mr. Golm, but I think America is ready to face economic reality and responsibility.
Michael Carman
History sophomore
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