As they say, history has a tendency of repeating itself.
Politicians and their economic policy advisors never learn from history and continue pushing for government intervention in the economy.
Government intervention in the economy is nothing new in America. It’s been a hallmark of the American political economy since the creation of the Federal Reserve in 1913. It went on hyperdrive with the New Deal during the 1930s, when the federal government assumed an unprecedented role in the American economy.
Even into the present, the American economy is highly regulated and features a central banking system that creates economic distortions on a macro scale.
With this interventionist framework in place, America always runs the risk of facing an economic crisis. To be sure, we may not see a replay of the 1930s, but America could potentially experience a genuinely catastrophic crisis that no one is actually prepared for.
That’s what happens when a ruling class and society, by extension, embraces the false god of interventionism.
Americans would be wise to reject big government and embrace personal liberty, economic freedom, and decentralization instead.