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We were told that if we do not create an almost $800 billion stimulus plan, our unemployment rate would go above 8%. We passed the bill, and the "announced" rate is 10%, but the real rate is 17.3%
"Government stimulus spending programs haven't worked historically because the economic theory on which they are based is fundamentally flawed, according to Riedl. For example, he challenges the longstanding notion from Keysian economics that for every dollar of added government spending, $1.50 in new economic activity is created:
"If deficits represented 'new dollars' in the economy, the record $1.2 trillion in FY 2009 deficit spending that began in October 2008--well before the stimulus added $200 billion more -- would have already overheated the economy. Yet despite the historic 7 percent increase in GDP deficit spending over the previous year, the economy shrank by 2.3 percent in FY 2009."
Facts, not Leftist propaganda, show the stimulus has failed--unless you are a Wall Street banker--then you have made a mint off the bonds the Feds have issued.
The only one stimulated is Wall Street--the rest of us will be paying the bill for several generations.
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"Government stimulus spending programs haven't worked historically because the economic theory on which they are based is fundamentally flawed, according to Riedl. For example, he challenges the longstanding notion from Keysian economics that for every dollar of added government spending, $1.50 in new economic activity is created:
"If deficits represented 'new dollars' in the economy, the record $1.2 trillion in FY 2009 deficit spending that began in October 2008--well before the stimulus added $200 billion more -- would have already overheated the economy. Yet despite the historic 7 percent increase in GDP deficit spending over the previous year, the economy shrank by 2.3 percent in FY 2009."
Facts, not Leftist propaganda, show the stimulus has failed--unless you are a Wall Street banker--then you have made a mint off the bonds the Feds have issued.
The only one stimulated is Wall Street--the rest of us will be paying the bill for several generations.
More...