Update: First Things has changed the attribution of this article to David P. Goldman, not Spengler.

Spengler puts the blame (and the solution) squarely at the feet of the culture of death and warns conservatives about oversimplifying (romatically perhaps) government’s role in this recovery. Excerpts from his thoughts (which are nothing new from him…):
But people are hurting and it’s not enough to poke more holes in the Swiss cheese of the administration program. Why is this so hard? There are several reasons:

1) The Republicans were so eager to take credit for the 25-year boom launched by Reagan that they were loathe to admit that the economy was in serious danger of depression;
2) The Republicans never quite understood the key role that the government played in launching the Reagan boom in the first place, and preferred simple-minded appeals to economic freedom; and
3) The Republican party has been reluctant to take on the moral issues that separate conservative libertarians and religious conservatives. These are decisive in the present crisis, for reasons I have tried to make clear in a number of essays on the subject at Asia Times Online and elsewhere.

and

Conservatives have to cast the blame for the crisis at the culture of death. It isn’t only home prices, of course. If the labor force shrinks because the next generation simply fails to appear, who will pay taxes to support pensions and medical care for the elderly? Unlike most of Europe, or Japan, America still has a fertility rate close to replacement. It isn’t past the point of demographic no return.

There are a few things that economic policy can do right away to make things better. Big tax cuts (in the form of a per-child exemption) that help families with children will do more to revive the economy than infrastructure boondoggles. Young families spend; empty nesters save. That’s elementary. If you want to get more spending, put more money into the hands of the demographic cohort that has the greatest propensity to spend.

But conservatives also must tell Americans the bitter truth that the deterioration of family formation has made them poorer and that it will take more than economic policy to correct. The culture of death will not be overcome by tax incentives, useful as such incentives are. Our children are our wealth. If we cease to have children, we die. Nothing has contributed more our impoverishment than Roe vs. Wade. I do not propose to attack Roe vs. Wade on economic grounds — it is intrinsically evil — but it is indispensable to make clear that the culture of death has economic consequences.