Why Romney Is Collapsing

And, as luck would have it, the global economy has supplied us with two experiments, one testing each theory. The European Union embraced the austerity of Hayek and the anti-Keynesians: It is plunging into a renewed recession. Here in the United States, where President Obama supported a modest stimulus bill, auto bailouts, and some financial reregulation, the renewed auto sector is roaring back to life, and the unemployment rate is dropping at a nice clip. In the auto sector, government helped clean up the balance sheet, renegotiate pension and work rules, restructure wage scales, and build the best product possible. Detroit is bouncing back, with profits and new models streaming off assembly lines. Europe is facing an austere summer and fall, with little to show for its ideological purity except continued red ink.

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