> massive fiscal transfers from states on the coasts to states in the interior
That's because of how US politics work. Less populous states have disproportionately higher political power. It's not a monetary policy thing. It's a core difference between US and European politics.
> The US also allows whole areas to deindustrialize
That's because Americans are free to live and work where they choose.
There's a lot more nuance here, if you look at Obama's memoir, he writes quite frankly about the dilemma of propping up the US auto industry with government dollars. When they (US automakers) asked for bailouts, he found them quite mismanaged, but if they went under a large portion of the US economy would find itself unemployed.
That's because of how US politics work. Less populous states have disproportionately higher political power. It's not a monetary policy thing. It's a core difference between US and European politics.
> The US also allows whole areas to deindustrialize
That's because Americans are free to live and work where they choose.
There's a lot more nuance here, if you look at Obama's memoir, he writes quite frankly about the dilemma of propping up the US auto industry with government dollars. When they (US automakers) asked for bailouts, he found them quite mismanaged, but if they went under a large portion of the US economy would find itself unemployed.