We’ve just been notified by the President-elect that he’ll get the deficit under control, but not for the foreseeable future. No, we must spend our way out of this terrible economic situation that George Bush got us into. We must spend, spend, spend–everybody sing it with me . . .
I’m glad I’m not the only one who wonders if all the thoughtful economists are at a conference somewhere and not checking their email:
Prevailing wisdom among politicians, media talking heads, and a sizable number of economists is that a downpour of government money is needed to “stimulate” the economy into recovery.
Eight years and two recessions later [after 2000], government spending now sucks up 35% of the nation’s economy and is trending higher. During that time we have witnessed the first $2 trillion federal budget and the first $3 trillion dollar budget.
With all the money federal, state, and local governments have been spending shouldn’t we be experiencing a boom? It would seem to me that proponents of government spending as a cure for our economic cold have it backward.
I’m afraid that Barack Obama is a strong proponent of Rooseveltian logic: “The only thing we have to fear is fear itself.” I’m here to say that we should also fear a future in which we are governed by those who should fail a high-school business math course.