Ralph Waldo Emerson once made the observation that "the two parties which divide the state, the party of conservatism and that of innovation are very old, and have disputed the world ever since it was made. Now one, now the other gets the day, and still the fight renews itself as if for the first time..."
That has certainly been the story of American history, as progressive and conservative politicians, activists, and writers have battled many of the same battles over and over again. And not just in those debates, but in the patterns of our American story, we see history repeating itself. The great economic crisis of our present day is the latest example, as the parallels between now and our biggest economic crisis of the past, the Great Depression, are remarkable.
In both cases, conservatives had been in power for a while and had radically de-regulated the financial sector, lowered taxes dramatically for the wealthy, pushed down wages and incomes for working class and poor people, and done little investment in infrastructure, education or technology. As a result, the economic health of the country was based more and more on speculative bubbles rather than the solid foundation of a prosperous and expanding middle class, and those speculative bubbles crashed, sending America into a massive financial crisis.
Common sense would suggest that conservatives, seeing that their grand free market theories had led to this disaster would admit that what they had been doing hadn't worked. But common sense has never been a strong feature of conservative thinking; it wasn't back in the 1930's and it isn't today.
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