Writing for The Hill, I explain why Keynesian-style stimulus does not work. In addition, I note that the so-called stimulus was just an excuse for pork-barrel spending. But my concluding point, excerpted below, is that the White House goofed politically by making specific claims about the good things that ostensibly would happen by increasing the burden of government spending:
The only surprise was that the White House was foolish enough to make specific claims of the good results that supposedly would flow from all the pork-barrel spending. In part, this is the absurd notion of claiming 600,000-plus “jobs saved or created” when total employment actually has fallen by more than 3 million. But the bigger mistake was claiming that the faux stimulus would keep the unemployment rate from rising above 8 percent and that failure to squander $787 billion would cause the jobless rate to climb to 9 percent. The politicians got their wish, yet now the unemployment rate is above 10 percent. Brilliant.
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The newspapers and blogosphere are buzzing with the revelation (from hacked emails) that proponents of the sky-is-falling school of climate change have conspired to hide data and smear critics. Here’s a blurb from the Washington Post report:
…newly disclosed private exchanges among climate scientists at Britain’s Climate Research Unit of the University of East Anglia reveal an intellectual circle that appears to feel very much under attack, and eager to punish its enemies. In one e-mail, the center’s director, Phil Jones, writes Pennsylvania State University’s Michael E. Mann and questions whether the work of academics that question the link between human activities and global warming deserve to make it into the prestigious IPCC report, which represents the global consensus view on climate science. “I can’t see either of these papers being in the next IPCC report,” Jones writes. “Kevin and I will keep them out somehow — even if we have to redefine what the peer-review literature is!” In another, Jones and Mann discuss how they can pressure an academic journal not to accept the work of climate skeptics with whom they disagree. “Perhaps we should encourage our colleagues in the climate research community to no longer submit to, or cite papers in, this journal,” Mann writes. “I will be emailing the journal to tell them I’m having nothing more to do with it until they rid themselves of this troublesome editor,” Jones replies. …Christopher Horner, a senior fellow at the libertarian Competitive Enterprise Institute who has questioned whether climate change is human-caused, blogged that the e-mails have “the makings of a very big” scandal. “Imagine this sort of news coming in the field of AIDS research,” he added.
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