"The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again."This quote seems to be particularly poignant, at least in my mind, when looking at the current political climate, especially with regard to the economy. Policymakers, especially Republicans, are focusing on precisely the wrong problems right now. Their justification being, of course, that solving America's long-run debt problems will in turn help solve the short-run (and looking more and more like long-run now) unemployment crisis. Yes, the United States has a lot of debt, yes, it will be a problem. But it is not what ought to be at the forefront of policymaking and solving it right now will in fact exacerbate both the unemployment and the debt crises.
This is probably the chief topic I'll be focusing on in this blog, so that's why I haven't completely elaborated my thoughts yet. Feel free to post comments and questions. I'll do my best to address them.