Art Laffer's piece in today's Wall Street Journal is a must-read, especially for those who expect the usual rebound from a recession.
As Laffer explains, the tax-and-spend crowd this time has done it's work well. It has set out to destroy the economy -- and, many think, this country -- and is having some success.
The private sector always recovers from the occasional business cycle downturn. It would have in the 1930s as it did in the 1920s had it not been for the New Deal, which turned it into a depression.
That could happen again.
Debt soon will equal GDP and this year the largest tax increase in history will take place when the liberal Congress fails to extend the Bush tax relief. That, Laffer says, will kill all hope of recovery.
Ronald Reagan stuck to his guns and started a 25 year period of unparalleled growth. If Obama sticks to his, a policy the direct opposite of Reagan's, it could have exactly the opposite effect.