Last week, Sen. Charles Schumer, D-N.Y., held a news conference to attack President Bush’s economic policies. These days Bush is “more and more like Herbert Hoover, sort of whistling a happy tune as the economy heads south,” Schumer intoned. “The president’s proposals are always a day late and a dollar short.” Hum. Maybe in this, supposedly recession-wracked economy, being only one dollar short wouldn’t be so bad.Anyway, Schumer concluded, Bush’s “reluctance to roll up his sleeves and deal with this crisis stands in the way of any kind of real recovery. The bottom line, it seems as if the president is on a different economic planet than most Americans.” No doubt. As is Schumer, by the way, since he’s a member in good standing of the world’s most exclusive millionaire’s club, the U.S. Senate.
All right, so Schumer’s speech was a seething nest of clichés. But while sticks and stones may break bones, words will never hurt, right? Still, Schumer’s empty rhetoric highlights a big problem for the Left. While liberals are eager to attack Bush and say our country’s in a recession (it’s an election year, after all) they seem bankrupt of any good ideas of their own.
Consider Schumer’s only substantive comment in his speech. Bush “says he will not do simple things like deal with the foreclosure crisis.” Hold on. Dealing with the foreclosure crisis is likely to be as “simple” as picking the entire NCAA basketball bracket correctly: It’s possible, but it’s not easy.
Schumer highlights a big problem, but offers the wrong solution. “When there is a crisis in confidence of credit, you need the federal government to do things to re-assure people that things will get better,” he says. But history should warn us that when the federal government gets involved, things usually get worse.
You can find numerous examples in the book “That’s Not What We Meant To Do” by scholar Steven Gillon. He reviews some of the big government interventions of the 20th century (welfare reform, mental health reform, affirmative action and immigration) and shows how they triggered unintended consequences. Gillon’s no conservative, but his case studies end up proving the wisdom of the conservative position that less government involvement is usually desirable.