Tuesday, October 12, 2010

Obama's dogged commitment to Keynesian economics

Good post by David Limbaugh describing Obama's solid commitment to a Keynesian approach... even as that approach demolishes the U.S. economy.

A good extract from the post:

"Obama was so convinced that Keynesian pump-priming would work to “jump- start the economy,” that he promised that if implemented, his stimulus package would keep unemployment from exceeding eight percent. (Neither he nor his Keynesian brain trust ever bothered to explain how the nation could afford an extra $1 trillion in debt even if his spending would have worked, but that’s another subject). Though unemployment jumped above ten percent and has hovered between nine and ten percent ever since, there is no indication that Obama’s blind faith in Keynesian is remotely shaken."

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