by Thomas F. Cooley
Why framing the wrong problem killed the summer of recovery.
There is an epic and epically unpleasant debate that has taken place for much of the last year about stimulus and austerity. On one side are the born-again Keynesians who believe that our recovery is faltering because we simply haven't spent enough to jolt the economy into recovery. This lot includes the Obama administration and some of its harshest critics. They point to the experience of the 1930s when, after signs of recovering, the economy slipped back into recession.
Read the full opinion editorial on Forbes.com