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January 30, 2009

Overnight Open Thread. Now with more Stimulus Package (genghis)

Today the Cato Institute ran full page ads in the NYT, WaPo, Cracked, Busty Lesbian Quarterly Journal and other publications refuting Unicorn One’s stimulus package. Linky to Cato and the ad (in PDF form) is here. The ad leads off with a quote from Him on January 9th, 2009, The Year of the Rainbow:

"There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy."

Cato responds:
"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."

They then back this assertion up with the names of 200 signatories crackpots, primarily economists heretics and charlatans.

Here at the AoSHQ Foundation, we have a different plan for a stimulus package. Please to be reading the Foundation’s white paper if you please.

Back when I lived in Oklahoma, we used to call that “Saturday Afternoon.” Now they have to get all fancy with the title.

Notice: Posted by permission of AceCorp LLC. Please e-mail overnight open thread tips to xgenghisx@gmail.com. Otherwise send tips to Ace.


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posted by xgenghisx at 12:03 AM

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