Tuesday, January 27, 2009

Well, I guess a lot of economists do oppose the 'stimulus' spending spree

Yes, yes. We all heard that Paul "I won a Nobel Prize, y'know" Krugman has denounced anybody who opposes President Obama's fiscally irresponsible, budget-busting "stimulus" plan as a "dishonest flack" who should be ignored. But what Krugman glosses over is that those flacks include among their ranks hundreds of prominent economists with credentials of more current vintage than his own. The Cato Institute is running the following advertisement in major newspapers around the country. The ad says "More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s." It adds, "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."

Oh, and, in case you're counting, three of the signatories are Nobel Laureates.

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