Not only has Spengler been worn out by the economy, he thinks we all have been worn out by the economy. Full essay, with impressive and scholarly looking charts, is here. A longish excerpt is here (below the artwork):
Republicans have a once-in-a-generation opportunity to roar back to power given the miserable performance of the economy on Obama’s watch. But they still could fall on their faces.
The problem is NOT government spending, contrary to the well-meaning obsession of the Tea Party. That will BECOME the problem a decade or two from now. The problem now is obstacles to investment: the highest corporate tax rate in the world, onerous regulation, the crazyquilt uncertainty of Obamacare. America needs aggressive tax cuts and regulatory rollback. It also needs to spend more on infrastructure, which is becoming a major obstacle to growth. It needs to spend more on R&D, particularly on cutting-edge military R&D. The way to do this, I’ve argued for years, is to emulate Roosevelt’s alphabet-soup federal agencies and put unemployed Americans to work repairing infrastructure at $20 an hour, rather than paying $50 an hour to the construction unions. That’s heresy from a free-marketeer like me, but it makes economic sense and will drive the Democrats crazy.
If Republicans stage more cliffhangers around the budget, they may yet snatch defeat out of the jaws of victory. They should talk about nothing but growth and jobs.