A Quick Fix Is Not Enough

Tax cuts may produce a spark, but the economy needs long-term fuel. Why not a New Deal for the '90s?

This recession is different. That is the raw, uncomfortable reality that more and more Americans seem to know and feel, from university economists in Massachusetts to shipyard machinists on the Mississippi coast. Many Americans sense that the classic cures for a garden-variety recession -- tinkering with the tax code, boosting spending programs or simply waiting for the business cycle to run its course -- may not be enough to restore lasting prosperity this time around. In fact, the U.S. economy needs more than a quick fix. Substantial, structural changes may be required. It may even be time, some economists are suggesting,...