As far as conservatives go, David Frum is probably the most reasonable and rational of them all. Yes, the guy who coined the phrase “axis of evil” is now one of the only Republicans who appears to understand reality. Here we see Frum calling out the conservative bullshit line on Greece and the economy.
Here are two of the smartest men on the economic right, one [Phil Gramm] a former chairman of the Senate banking committee, the other [Glenn Hubbard] a former chair of the Council of Economic Advisers. Yet they insist on treating today’s economic crisis as a repeat of 1979-81—and Europe’s agony as a debt crisis (which it isn’t), not a currency crisis (which it is). Why? Well you will consider only one policy solution—cut taxes and regulations—then you must insist that there can be only one policy problem.
Yet in almost every way, today’s economic problems are exactly the opposite of those of 30 years ago. Then we had inflation, today we are struggling against deflation. Then we had weak corporate profits, today corporations are more profitable than ever. Then we had slow productivity growth, today it is high. Then the to-individual income-tax rate was 70%. Today it is 36%. Then energy regulations produced energy shortages. Today the removal of banking regulations has produced an abundance of debt.
Frum is a conservative who we can rationally discuss the issue with. We won’t agree on a lot of things, but we’ll have very similar grasps on reality. This is to be embraced.