The truth is that neither the Left nor the Right have much to offer of value to solving the current economic situation. What we're facing is an entirely different sort of animal from the business-cycle booms and busts of the postwar era. Raising taxes on the rich will not solve the problem, nor will abasing ourselves before them.
If economic recovery is what we want, what we need to do is to sever America's physical economy, which is in okay shape, from the financial economy, which is going off a cliff. If we fail to do this, we're going to see a full-blown collapse of our physical economy, which will be as bad as the 1930s. In fact, such an event would be worse than the 1930s, since at least in the Thirties we didn't have a huge overhang of debt at every level, and we had an abundance of natural resources rather than the scarcity we see today. In 1935, obtaining more oil, more coal, more iron, more whatever was simply a matter of drilling holes in the ground. Not so today.
In fact, as soon as we do manage to get the economy on the road to recovery, we're going to butt right back up against the oil shortage we saw last year. And for all the talk of alternative energy, there's no viable substitute for oil in existence or in development. What we really need to be spending stimulus money on is revitalizing our rail system, building fission reactors, and crash R&D into thermonuclear fusion and high-efficiency solar power. No matter what we do at this point, we're looking at a substantial down-scaling of the American Way of Life, and the 2020s and 2030s are going to be much less unpleasant if we roll up our sleeves and get to work preparing rather than trying to "stimulate" ourselves back to a high-energy, cheap-credit, globalized past that is shortly no longer going to be an option.