The dangers of Obama’s public-works juggernaut

Christian Science Monitor
by Peter Navarro

12/09/08

President-elect Barack Obama has promised to jolt the American economy out of its depressionary spiral with the mother of all fiscal stimuli. While Mr. Obama seems to have little choice in this policy matter, his desperate gambit has a high probability of failure — and may make the recession worse. Don’t believe the Washington chorus: We can’t spend our way to economic recovery. Though politically unpalatable, the wiser approach would be to let economic nature take its course. Such tough love, while painful, is the surest way to a healthy recovery in both jobs and asset prices. Obama’s choices are very limited, in part because US monetary policy is broken...

//www.csmonitor.com/2008/1209/p09s01-coop.html


Informant: Thomas L. Knapp



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