America Cannot Afford Another 1932

I have certainly not had the time to read or follow all commentary surrounding the presidential debates, however, from what I have read and followed I am surprised that I have not seen or heard more concern about the comment made by Senator Joe Biden during the VP debate. Senator Biden, more than once, mentioned that this election will be the most important since 1932. Now why would that be?

This mention by Biden as this year’s election being the most important since 1932 leads me to believe that there are one or two specific tactics in play here – although more likely a combination of the two.

The first of the two tactics in play here is that more government intervention is the answer to a struggling economy. Is Senator Biden suggesting that he and a President Obama will usher in more government programs similar to the FDR era that will “save America”? Programs like Fannie Mae, WPA (Work Projects Administration), Social Security System, and other dependency inducing Welfare programs; does America really need more of this?

Quite the contrary to Senator Biden and Obama’s position, these programs only distort the situation and make matters much worse in the long-run. As a few authors here have explained (Rothbard’s America's Great Depression, Amity Shlaes’ The Forgotten Man: A New History of the Great Depression, Robert Higgs’ Crisis and Leviathan) that these very “solutions” are only a means to an end that results in greater government control and power. Myth of the Solution

The current economic situation is not too much different. We don’t need government interventionism to solve the supposed free market failures. The free market has not been allowed to fully operate since Cool Cal. The current problems are a result of what Mises referred to as government interventionism leading to still further government interventionism. More government is not the solution; let’s try more free market mechanisms.

The second tactic on display here is one that has been going on for quite some time as well. That is that economic problems are the fault of Republicans, and Democrats are the ones who solve economic failures. While George W. Bush is not escape from some fault in the current economic situation – similar to some of Hoover’s anti-competition policies – much of the blame can be placed on the progressive policies and corrupt behaviors of the Democrats (i.e. Fannie Mae, Freddie Mac, Community Reinvestment Act and it’s revisions in the mid 90’s, corrupt democratic congressional leaders who are in charge of the banking and finance committee, and ACORN).

What we need now is someone with the ability to point out the culprits and their policies which has allowed economic problems such as the current one to happen, and a reform of big government. Again, more government is not a solution it’s the very entity that is the problem. Let us try the free market and allow this prosperity inducing machine to again work for the American people.

We cannot afford more socialization of America!