Visual source: Newseum
Paul Krugman:
“The boom, not the slump, is the right time for austerity at the Treasury.” So declared John Maynard Keynes in 1937, even as F.D.R. was about to prove him right by trying to balance the budget too soon, sending the United States economy — which had been steadily recovering up to that point — into a severe recession. Slashing government spending in a depressed economy depresses the economy further; austerity should wait until a strong recovery is well under way.
Unfortunately, in late 2010 and early 2011, politicians and policy makers in much of the Western world believed that they knew better, that we should focus on deficits, not jobs, even though our economies had barely begun to recover from the slump that followed the financial crisis. And by acting on that anti-Keynesian belief, they ended up proving Keynes right all over again.
Norman Lear:
One of the most encouraging things to happen in 2011 was the birth of the Occupy Wall Street movement, which is giving the entire country the chance for a "born again American" moment. In calling attention to the country's widening chasm between rich and poor, the Occupiers have unleashed decades of pent-up patriotic outrage against the systematic violation of our nation's core principles by the "say good-bye to the middle class" alliance of the neocons, theocons and corporate America.
To those many millions of Americans whose guts tell them the Occupy movement is on to something but aren't the sort to camp out or protest in the street, I say find another way to let your voice be heard in the new year. Work with others who share your passion for equal opportunity and equal justice for all Americans, and find ways to channel outrage into productive action. I'm betting you'll find, as I have over my nearly four score plus 10, that you'll form some of the most rewarding relationships and have some of the most meaningful experiences of your life.
David Ignatius:
Given the uncertainties facing the world, the United States was probably lucky to have a “no drama” president who sought to avoid mistakes. Still, there’s no disguising the fact that 2011 was a lesson in the diminished power of the United States. One great debate for the 2012 campaign will be whether an American restoration is possible and, if so, within what limits.
Susan Milligan:
Democrats in 2004 thought there was so much dislike of former President George W. Bush that their candidate would win almost by default. But Sen. John Kerry lost, in no small part because he didn't give voters a clear and optimistic vision of where he would take the country. True, a lot of people disliked Bush. But not enough of them really liked Kerry—at least not enough to make the extra push in a close election. The opposing party in any election often proclaims that a presidential contest is a referendum on the current occupant of the White House. Had that been true, Kerry would have beaten Bush, who had low approval ratings and was facing increasing voter unhappiness over the war in Iraq.
The current Republican field faces the same barrier in taking on Obama. The president is surely vulnerable, and the election—at least at this point—is shaping up as another close contest. But the eventual nominee is going to have to come up with a stronger argument than "Obama has failed, and I'm not him." Republicans may not like Obama's policies, but the president is nowhere near as polarizing as Gingrich (and is better liked, even if the president's professional approval ratings are not good). Paul claims a loyal cult following, but his appeal does not stretch far beyond that group of libertarians. And Romney faces similar problems that beleaguered previous losing candidates. Like 2008 GOP nominee Sen. John McCain, Romney has a problem with his conservative base. Unlike McCain, Romney is not a war hero and does not connect well with people in a town hall meeting. Like Kerry, Romney has a solid resume in government. Unlike Kerry, Romney does not have foreign policy experience. And so far, Romney is failing to capture the enthusiasm among his own party members to oust even an unpopular president.
And for your morning laugh,
from Newt Gingrich:
“We don’t come out of a background where we can buy a seat or buy, as Mayor Bloomberg did, buy the mayorship of New York. I mean if you look at how much he spent, he just wrote a check and bought it,” Newt Gingrich said.
“I think that’s very dangerous to the future of American democracy. My dad served in the Army for 27 years; I was a college teacher. I’m a middle class person,” Gingrich said.
Mitt Romney adds another chuckle:
He takes questions and the first one comes from a man who says he has voted for Republicans for 40 years, but once they get to the White House, they always give in on conservative principles. He wants to know if Romney, too, will give in.
“This is not the next step on my political career,” Romney replies. “I don’t have a political career. The reason I am in this race is because of the lessons I have learned: I’ll use all my energy and passion to get America right again.