He’s is trying to make some political tactical point, but he is so blinded by his own assumptions that he misses the real point — that the American economy grew at records rates through a “do-nothing” Congress. Now, I suppose Drum might argue that this was an accident of timing, but in fact Truman inherited what should have been, by Drum’s Keynesian thinking, the worst economic situation ever since an enormous amount of government spending was going away after the war and new workers were simultaneously flooding back into the job market. If any time in recent history should have demanded Keynesian stimulus, this was it, and yet a do-nothing Congress led to a massive expansion. Hmmmm.
via Coyote Blog.