Friday, January 30, 2009

Hundreds of economic experts sign Cato Institute ad opposing Obama's economic stimulus package

I've humbly and honestly stated many times on this blog that I'm not an economic expert, nor a political expert. However, I am a thinker. And I am a person who loves to come to conclusions based on facts.

And, based on the Cato Institutes latest advertisement, I am not supporting an economic view that is not supported by the worlds greatest economists. As you can see for yourself by clicking on this link, there are hundreds of economists who support my beliefs on how the recession should be handled (rather, I share their beliefs).

The ad states simply:
"Notwithstanding reports that all economists are now Keynesians and that we all upport 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."
As usual I will continue to keep an open mind, but one can't help but feel some comfort knowing there are economic experts who disagree that a trillion dollars worth of spending will stimulate the economy.

There are many economists who have studied their history books and have noted that never has government spending lifted a faltering economy.

1 comment:

Anonymous said...

Not sure if you've seen this. . .

Apparently a lot of the economists who signed that petition/ad didn't know what they were signing.