“Summer” Rerun: “Why America Will Need Some Elements of a Welfare State”

Yves here. Notice how strong the shift in conventional wisdom has been over the last eight years. It is hard to imagine Martin Wolf writing an article like this today, even though if anything the evidence supporting his case has become stronger. Describing a “welfare state” in a positive fashion is now close to a taboo in the mainstream media. Worse, soi-disant liberals are still pretending that Obamacare insurance policies are a good approximation of “universal health care,” even as it is becoming more and more obvious that the scheme is going into a death spiral (see this Guardian story on how more people in the US are trying to use crowdfunding to pay their medical expenses).

This post first appeared on February 14, 2007

An excellent column by Martin Wolf in the Financial Times, where he is the lead economics editor. Starting with principles put forward by Ben Bernanke in his recent speech on income inequality, Wolf concludes that America cannot do without some form of a welfare state, specifically improved training, education, and universal health care.

– Naked Capitalism

Read the full article here.