Comment of the Day Yesterday

John Flynn's "As We Go Marching" provides a fairly convincing account of fascism as simply an attempt to manage and eliminate unemployment, largely through deficit spending ("fiscal policy" in its crudest form). It's easy for a totalitarian government to obtain full employment -- the hard part is to figure out what to do with all those troops, or how to pay down that debt. The solutions attempted in Germany did not prove universally popular elsewhere.

Fiscal policy can eliminate unemployment. That it did not do so in the US should be regarded as extremely fortunate: The other effects of such a policy would have been bad indeed.

Read the whole thing here.