The politicians will readjust. Fortunately, there is total consensus on how to handle Global Cooling: we must deindustrialize the West, raise taxes, sell carbon offsets, and allow China to take a pass on environmental standards.
They'll never admit it. Racism in mortgage lending was to be solved with new regulations. Now that the wheels are coming off, the same politicians are screaming that the problem was deregulation. 180 degrees without even spilling their late.
As long as things are “progressive” toward a global socialist economy, they will say anything and rely on our short memories and lack of a database of past announcements (the latter has changed a little, for now).