Why There Can’t Be Another Great Depression

Governments would never let it happen.

An issue of the New York Times discussing the 1929 stock market crash. Source: Rare Newspapers

The Biden administration’s legislative progress has stalled in recent months. Negotiations over a traditional infrastructure program stop and start. The $3.5 trillion reconciliation bill for other spending priorities is far from guaranteed. Intransigent Democratic senators have shown no signs of relenting on the filibuster. While Biden has already…