Thursday, January 08, 2009

Stimulus

In the Public Interest in 1993, Bruce Bartlett reviewed the economic history and found that fiscal stimulus has a perfect record: every single time it has been tried since World War II, the stimulus arrived only after the recession had already ended.

Bartlett concluded:

Without exception, stimulus programs have failed to moderate the recessions at which they were aimed, and have often sowed the seeds of the next recession. These programs have not been simply worthless, but harmful. It would have been better to do nothing.

To which the Obamicans have a ready answer: This time it's different!

01/08 09:33 AM