"There is no disagreement that we
need action by our government,
a recovery plan that will help to
jump start the economy."
—PRESIDENT-ELECT BARACK OBAMA, JANUARY 9, 2009
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 the undersigned 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, policymakers 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.
This is good. Not that it will stop the monster. There's no stopping the stimulus package if the Democrats want it badly enough. They control the government. But we can make sure it is remembered as The Democrat Stimulus Package. So that when it fails, the blame will fall on the culprits.
Best point: the failure of repeated stimulus packages on the Japanese economy in the 1990's. If it didn't work then, why should it work now?
(clickbiggen the graphic to read the names)