Insanity is doing the same thing over and over again, and expecting different results, Einstein is often quoted as having said. By this definition, U.S. economic policy over the past three decades has been a paragon of madness. Government, business and individuals alike lurch from bear to bull, all the while preaching the virtues of economic stability.
Congress may have managed to stall the most recent crisis over our debt ceiling, but the lives of American citizens remain hostage to the same old ideological wrangle over tax rates and spending levels, a reality epitomized by the ongoing debate (and apparent lack of movement) over the deadline for enforced budget cuts, otherwise known as sequestration. One side tells us that government is the key to economic recovery, and prioritizes expensive but popular social entitlements. The other side implies that “free enterprise” is the cure-all.
To believe that either way will produce anything but the same old results is to bolster Einstein and, increasingly, to miss the point ....
Read the full post on CNN's Global Public Square blog.
Neil Ghosh is the Executive Director of SNV USA.