We Read Duncan Black on a Failure of the Obama Administration

The only thing that you needed to know to understand the Principles of Animalism in Animal Farm was "four legs good, two legs bad"[1:].

Similarly, the only thing you needed to know to understand the macroeconomic policy line of the Obama administration--or, rather, what the macroeconomic policy line should be--is "short-run deficit spending to speed short-term recovery, long-run budget balance to enable long-term growth."

That is the right economic policy for the country.

And that is a...