The Irresponsibility of Libertarianism

The irresponsibility and callousness of libertarianism is summed up well in this deep thought by Andrew Sullivan:

The point of capitalism is that actions have consequences. Once that market discipline is removed for a few of the worst, ill-managed, union-crippled companies in America, the stage is set for endless mediocrity, government-run industry (i.e. even more endless mediocrity), and a free-for-all at the government trough. A clear majority of Americans agree, in the new WaPo poll. If this intensifies the recession, so be it. Recessions are sometimes necessary for long-term economic health. And the bigger and sharper it is now the more time Obama has to recover from it. Let them die.

Look: If the only issue were moribund companies falling by the wayside because they made an obsolete product that people weren't buying, I'd agree with Sullivan. But that's not the only issue at stake, nor is it just a matter of "prolonging the recession" (as though that were a small thing!). The resulting unemployment and its impact on the economy could do a great deal of damage over the long term, and help plunge us into something worse than a recession.

The way out of this economic crisis is classically Keyensian. And one very un-Kenseyan thing to do is to add massively to unemployment during a time when you need to stimulate the economy on the demand side.

Beyond that, as with much of what's being talked about on the stimulous front, this may be the best opportunity we've had in decades to generate some real momentum beyond reforming these industries, both managerially and ecologically. I know this is exactly the kind of thing that liberatrians hate, but taking that into account would assume I care what libertarians think.

I'll happily cast my lot with European social democracy any day of the week over the corrupt, ineffectual, and unjust system we've got right now.