Your lad has been misbehaving in his job at the Senate. He seems to have forgotten what the American people want. What they do not want is Barack Obama and his policies. Why does young Mitch want to allow him to continue to wreck the economy?
All the best,
The American People
What discomfits him is the similarities in the policy choices that accompanied both delayed recoveries. By 1934, the Depression's banking crisis had been resolved, "yet full recovery was still seven years away," he said in the Milliman lecture. GDP stayed more than 10% below trend. "Why?" The answer, he says, was growth-suppressing policies, such as the Smoot-Hawley tariff, cartelization, unionization and, "most important but hardest to measure, FDR's demonization of business.