Why liberal economists dish out despair

Gerald Friedman in Evonomics:

When I conducted an assessment of Senator Bernie Sanders’ economic proposals and found that they could produce robust growth, the negative reaction among powerful liberal economists was swift and vehement. How much, I wondered, did this reflect personal disappointment being rationalized into a political economy of despair? Professional economists tend to embrace an economic theory that government can do little more than fuss around the edges. From that stance, what do they have to offer ordinary people for whom the economy is not working? Not a whole lot.

It has certainly been a rough seven years for the liberal economists in the Obama Administration. Economic recovery has been slow, the slowest in the post-World War II era. Ambitious programs for reform of social insurance programs (such as unemployment insurance) and for public investment have been scaled back, and back. Yes, there is much that these economists who served Obama can be proud of: more people have health insurance, and the economy did not collapse. But the constant slog must have taken a toll. Having experienced so many compromises and disappointments, perhaps it is easier to say to those who expect more that it just can’t happen. There is comfort in the Thatcherite phrase: There Is No Alternative (TINA).

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