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Archive for December 24th, 2006

A “Raw Deal” for the Iraqi People

Posted by Ryan on December 24, 2006

The Times Online has this article today describing a roughly $18 billion “New Deal” proposal for the Iraqi people that Dubya is spearheading.  Why is the thought of Lame Duck Dubya (a Bush, mind you) thinking about a failed socialist experiment from 70+ years ago to fix a modern economic problem a frightening one?  The only thing Iraqi’s will have to fear is FDR’s economic model itself!

Recent scholarship by Jim Powell on the New Deal highlights some very frightening and cynical things about FDR’s attempt to cure the Great Depression in the 1930s.  Money was doled out for political purposes more than true economic recovery, FDR’s understanding of market and business forces was about as dimwitted and anti-capitalistic as Leon Trotsky’s, and the revered “New Deal” itself even produced a recession within a depression in 1938.  In fact, it was World War II that really, truly was the only thing that got us out of an economic quagmire we should have been liberated from years earlier. 

I realize that the money we dole out to Iraq will be used to employ people in various areas and economic sectors, thereby taking huge numbers of angry young people off the streets and into jobs that will pay them enough to make these disaffected people feel a stake in their country and its system.  True, but I hope the Iraqi’s learn from our mistakes 70+ years ago and use business and market forces to drive economic policy rather than idealistic, failed programs based mostly on political favors and vote mongering.  Maybe then, their depression will be cured! 

PS– I also certainly hope that these billions get paid back to us at some point in oil revenues or “sweet crude” deals. Wasn’t Iraq supposed to be a war for oil at one point? 

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