The stimulus bill is taking a justifiable beating in the polls. It has become a pork-laden parody of leftwing social engineering. The economic theory it relies on is, of course, nonsense. The Wall Street Journal summed up the fallacy perfectly:
The person who is taxed…[to pay for each dollar of the stimulus] will have $1 less [...]
There’s a fine essay by Alan Reynolds on the National Review site about all the Keynesian nonsense that’s passing for sophisticated discussion these days. He provides many examples of the current Keynesians contradicting their own statements and research. He also picks apart several of the underlying pieces of Keynesian fiscal policy.
The bottom line is that [...]
The media and the politicians are telling us that everyone knows we need to spend $1 trillion dollars as stimulus to the economy. Our uninquisitive media never seems to ask for proof and never seeks out other opinions. Such bravery on the part of the media, our watchdogs of democracy!
Maybe someone can explain to me [...]