November 8, 2011
John Maynard Keynes Writes to the President
On the other hand, even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action, before you have had time to put other motives in their place. It may over-task your bureaucratic machine, which the traditional individualism of the United States and the old "spoils system" have left none too strong. And it will confuse the thought and aim of yourself and your administration by giving you too much to think about all at once.Or, "for cryin' out loud, don't pass ObamaCare® in the middle of a recession, dude!"
Actually, the president in question was FDR and, in the long run, Lord Keynes was still alive. But Professor Mankiw suggests it might apply.