Everyone targets the Great Depression as the model of the negative…

Could we not be ‘fighting the last war’.

Why should it be the private sector that gets clobbered this time. In fact, it is the public sector that could not even run a sustained balance or surplus in the greatest economic expansion in history.

How did the United States and much of Europe continuously run large annual deficits in decades of plenty?

Don’t answer that…

So, I ask, what happens if Wretchard’s postulation occurs – namely that Great Depression II is a Public Sector Depression? With FDR Jr. in charge.