The Economic Record of the McCain Presidency - Justin Fox - Harvard Business Review:
"Of course, over the past four years Republican economic opinion has shifted rightward, so one might want to consider another alternative world — call it DeMintia — where all the big banks were allowed to fail, government spending was cut dramatically, and the Federal Open Market Committee was replaced with a simple gold standard. Or then there's Krugmania, in which the stimulus bill passed in 2009 was much bigger and the Fed more aggressive. Or SimpsonBowlesia, where the tax code has been reformed and simplified, boondoggles like the home mortgage interest deduction have been removed, and the federal budget set on a medium-term path to solvency. My guess is that in DeMintia unemployment would be well above 10%, in Krugmania it would be at 7% but lots of people would still be complaining about the "failed stimulus," and in SimpsonBowlesia it would be about where it is now (8.3%), and every last officeholder who voted for the reforms would have had to leave politics for reasons of terminal unelectability. But all these are unrealistic scenarios — the politics of 2009 wouldn't have allowed for them."
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