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February 11, 2009

Economists Respond to Obamanomics

Posted by Dave Blount at February 11, 2009 11:48 AM

On January 9, Chairman Zero proclaimed the following:

There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.

Economists have responded:

With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's "lost decade" in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

The list of economists signing the above statement is impressive. The next stimulus package had better include some variation of the Fairness Doctrine to shut these people up.


On a tip from The MaryHunter.