Madrick’s historical argument fails for exactly the same reason as his contention about post-World War II prosperity. That fact that government intervened in a prosperous economy does not show that the economy needed that intervention to prosper. Moving a fallacy back in time does not make it better….
Madrick displays sufficient incompetence in reasoning to qualify as a chief speechwriter on economic affairs for President Obama. I commend him for this position, if he has not already been snapped up for it. FULL ARTICLE