Can we finally all agree that Keynesian economics is a flop? The politicians in Washington flushed about $800 billion down the toilet and we got nothing in exchange except for anemic growth and lots of people out of work.
Indeed, we’re getting to the point where the monthly employment reports from the Labor Department must be akin to Chinese water torture for the Obama Administration. Even when the unemployment rate falls, it gives critics an opportunity to recycle the chart below showing how bad the economy is doing compared to what the White House said would happen if the so-called stimulus was enacted.
But for the past few months, the joblessness rate has been rising, making the chart look even worse.
I never watch TV, so I’m not in a position to know for sure, but I haven’t seen any articles indicating that the Romney campaign is using this data in commercials to criticize Obama.
This seems like a missed opportunity.
But since it’s not clear to me that Romney would actually do anything different than Obama (check out this post if that seems like an odd assertion), I don’t focus on the political implications.
Instead, I’m hoping the American people will learn an important long-run lesson. If you want more growth and prosperity, the recipe is smaller government and free markets.
In other words, our economic policy should be more like Hong Kong and Singapore, but Obama has been making us more like France.
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] rate compared to what Obama promised, I’ll add that as well. Not a pretty picture. I wrote that last month’s version would cause anxiety for Obama, and see no reason to change that […]
[…] unemployment rate compared to what Obama promised, I’ll add that as well. Not a pretty picture. I wrote that last month’s version would cause anxiety for Obama, and see no reason to change that […]
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] At the end of our interview, I obviously disagreed with Jared’s embrace of the Keynesian fantasy that more government spending magically increases growth. If I was feeling mean, I could have pointed out that he was the co-author of the infamous report claiming that Obama’s so-called stimulus would keep unemployment below 8 percent. […]
[…] by the way, was a co-author of the infamous prediction that enacting Obama’s stimulus would keep the unemployment rate below 8 […]
[…] spending policies and class-warfare tax policies have produced dismal economic performance, with unemployment stuck above 8 percent – even though the White House promised the joblessness rate by this point would be about 5.5 […]
[…] by the way, was a co-author of the infamous prediction that enacting Obama’s stimulus would keep the unemployment rate below 8 […]
[…] unemployment rate compared to what Obama promised, I’ll add that as well. Not a pretty picture. I wrote that last month’s version would cause anxiety for Obama, and see no reason to change that […]
I declared Keynesianism dead here: http://turophiles2cents.wordpress.com/2012/05/07/keynesian-economics/
The problem as I see it is that Democrat politicians keep awakening this zombie to eat out the sheeple’s brains every 2 – 4 years so they can keep spending and getting elected.
[…] also make the point that the unemployment rate is far higher than Obama promised when we enacted the so-called […]
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] rate compared to what Obama promised, I’ll add that as well. Not a pretty picture. I wrote that last month’s version would cause anxiety for Obama, and see no reason to change that […]
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] unemployment rate has been stuck above 8 percent ever since Obama pushed through his ill-fated stimulus scheme to increase the burden of government […]
[…] if I had to defend Obama’s miserable economic record, I supposed I’d have to cry wolf as well. Rate this:Share […]
[…] At the end of our interview, I obviously disagreed with Jared’s embrace of the Keynesian fantasy that more government spending magically increases growth. If I was feeling mean, I could have pointed out that he was the co-author of the infamous report claiming that Obama’s so-called stimulus would keep unemployment below 8 percent. […]
[…] And they have the satisfaction of seeing history justify their votes. Unemployment rose after the faux stimulus was enacted and the joblessness rate has stayed above 8 percent. […]
[…] officials who relied on Keynesian economic theory to concoct an infamous prediction that unemployment would never rise above 8 percent if Washington squandered more than $800 billion on a faux […]
[…] by the way, was a co-author of the infamous prediction that enacting Obama’s stimulus would keep the unemployment rate below 8 […]
[…] by the way, was a co-author of the infamous prediction that enacting Obama’s stimulus would keep the unemployment rate below 8 […]
We are not a small City state like Hong Kong so the comparison is silly. Yea austerity works so well Europe is back in recession – Obama like FDR is working with a huge economic crisis caused by lack of regulations in the banking industry and once again being promoted by the GOP.
[…] spending policies and class-warfare tax policies have produced dismal economic performance, with unemployment stuck above 8 percent – even though the White House promised the joblessness rate by this point would be about 5.5 […]
[…] people ask why I’m so pro-Obama. After all, the unemployment rate is above 8 percent and I’ve told audiences that Obama won’t win unless the joblessness rate drops under […]
People who use numbers should understand them better.
Why should Romney pay to bring this stuff up when he has guys like you to do it for him?
Gary Johnson would do far more than Romney (or Obama) just by working to repeal the 16th Amendment & replacing it with the Fair Tax Act (which Dan isn’t really for, but is a lot better than what we have).
Mitt Romney plans on adding 12 million jobs http://bit.ly/OMIr14