Town Hall Daily
July 09, 2009
by Michael Barone
The financial system collapsed. Housing prices cratered. Unemployment is at a record high for the last quarter-century. The Democratic president has a solidly positive job rating.
And yet we Americans have not suddenly become collectivists. The economic distress of the 1930s led Americans to favor less reliance on markets and more on government. The economic distress of the 1970s led Americans to favor less reliance on government and more on markets. It doesn't seem unreasonable to expect, as many political liberals have been predicting, that the economic distress of the late 2000s will produce a shift in the 1930s direction. But it doesn't seem to have happened yet.
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