A new stimulus? Washington never learns

Future of Freedom Foundation
by Sheldon Richman

07/10/09

In Washington, the rule is: If a little poison doesn’t cure the patient, give him more. This rule is being applied not only to health care, where massive doses of government intervention are being prescribed to treat the toxicity of past government intervention. It’s also being used in the attempt to end the recession. When Barack Obama took power he told the American people that an ‘economic stimulus’ bill was indispensable to fixing the economy...

//www.fff.org/comment/com0907c.asp



To mitigate economic Armageddon

Independent Institute
by Ivan Eland

07/13/09

The U.S. government is deeper in debt than it has been since just after World War II. When Bill Clinton, who actually reduced the federal deficit as a portion of GDP, left office, the Congressional Budget Office projected an $800 billion dollar yearly budget surplus for the years 2009 to 2012. Now CBO projects an annual budget deficit of a whopping $1.2 trillion. Although Republicans are blaming Barack Obama for this gargantuan budget gap, George W. Bush is responsible for 53 percent of the total, according to the New York Times. Another 37 percent is due to the recession of the early part of the decade and the global meltdown that began in late 2007. Obama is responsible for only 10 percent of the total. Yet the reason that Obama’s portion is so small is because George W. Bush, a big-government Republican, was in office for eight years, and Obama has been in office less than six months. Obama has been spending at a phenomenal rate — on a pork-filled stimulus bill and an expansive domestic agenda...

//independent.org/newsroom/article.asp?id=2546



A Second Stimulus Package? Yikes!

Cato Institute
by Alan Reynolds

07/10/09

Investors understand that increased government spending diverts valuable resources away from the private sector and ends up imposing even more demoralizing taxes on labor and capital. A major study of 18 large economies by Alberto Alesina of Harvard and three colleagues appeared in the 2002 American Economic Review. This paper, ‘Fiscal Policy, Profits and Investment’ found that the surest way to make economies boom can be through deep cuts in government spending — the exact opposite of the ‘fiscal stimulus’ snake oil...

//www.cato.org/pub_display.php?pub_id=10343


Informant: Thomas L. Knapp



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