Cato Institute and 200 Economists Slam Obama’s “Fix” For The Economy

Loading

Missed this yesterday, but the Cato Institute took out some ads in papers across the country basically calling Obama a liar:

“There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.”
— PRESIDENT-ELECT BARACK OBAMA, JANUARY 9 , 2009

With all due respect Mr. President, that is not true.

Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we 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, policy makers 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.

The ad then lists 200 economists who signed onto the petition.

I guess it’s just too hard to ask the MSM to do it’s job and bring up the fact that there is not one instance where this kind of pork barrel stimulus ever solved a down economy?

Well, we know why they are not asking this. They are behind the President and the Democrats as they attempt to enlarge government and solidify their base by getting them more addicted to the handouts. This will ensure that they can dictate the direction of our society for many many years to come.

0 0 votes
Article Rating
Subscribe
Notify of
8 Comments
Inline Feedbacks
View all comments

we all know the trueth, but obama will do what the specail interests want them to do. doesn’t matter what the past has shown, obama and pelosi know better, it will be different because they are smarter and much better looking. what stupid people to ignore people who actually know what they are talking about.

This is the most frustrating thing about this presidency and congress. They have the bit in their teeth and are running with it and ignoring anyone who tells them they are wrong. Even if the people telling them are experts in the particular field. Just ignore them. That is one thing about Liberals and most Dems……just ignore the facts, those pesky little things that contradict what you are pushing through. And that is why I feel like crying. The information is out there and they are going to do what they want to do. Everything is so wrong about this…it is making me ill

“Experience hath shewn, that even under the best forms (of government) those entrusted with power have, in time, and by slow operations, perverted it into tyranny”
– Thomas Jefferson

Pelosi and company didn’t have time to consider the views of these 200 economists, not that she would have anyway:

“Name a single Iraq war supplemental that wasn’t debated to death? You can’t?

And did you know, that when the landmark Civil Rights Act of 1964 came before the Congress there were 1,000 hours of debate?

So what does the largest and most intrusive spending package in the history of the US get in Nancy Pelosi’s House?

An hour.

One stinking hour.”

There’s more:

http://www.qando.net/details.aspx?Entry=10097

One of Curt’s highlighted quotes:

“To improve the economy, policy makers 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.”

How about this?

National Journal reported this week that the Senate’s economic stimulus bill includes a provision that would make Hollywood studios eligible for a special 50% write-off of equipment purchases. According to the report, “the provision is backed by firms like the Walt Disney Co., and the industry trade group the Motion Picture Association of America.”

The House version of the stimulus already includes a bonus depreciation that lets businesses immediately write off 50% of their 2009 capital expenditures. But the Senate bill expands the definition of “qualifying property” — specifically to include “certain motion picture film or videotape.” Hollywood moguls like Steven Spielberg, David Geffen and George Lucas were among the biggest backers of President Obama’s candidacy, and it looks as though Democrats have found a way to return the favor.

So let’s see: Democrats object to cutting the U.S. 35% corporate tax rate — which is higher than in all of Europe, undermines economic growth and discourages job creation — for all companies on grounds that it favors the rich and powerful. But Democrats will carve out tax loopholes for businesses they like and that write them campaign checks.

http://online.wsj.com/article/SB123327820048831571.html#printMode

So guys, what do you think of this? (From the AP; Jan 31 at 2:30 PM PST):

GOP governors press Congress to pass stimulus bill

By BETH FOUHY – 3 hours ago

NEW YORK (AP) — Most Republican governors have broken with their GOP colleagues in Congress and are pushing for passage of President Barack Obama’s economic aid plan that would send billions to states for education, public works and health care.

– Larry Weisenthal/Huntington Beach, CA

P.S. Here’s the link on the story about how most GOP governors have broken with the GOP congress in urging the GOP congress to pass Obama’s stimulus plan:

http://www.foxnews.com/politics/2009/01/31/republican-governors-urge-congress-pass-stimulus/

@openid.aol.com/runnswim:

Seems that the AP got it exactly wrong.

Only 5 of the GOP’s 22 governor’s are pushing for the bill.

Brian Faughnan over at Red State has done the footwork needed to get to the real story.

The AP is trying to sell a bill of goods here.