And surprisingly, they keep coming from liberal California universities.
If you recall, the other day Michelle Malkin shook the dust off a 2005 UCLA study that found FDR’s massive economic recovery plan, The New Deal, actually prolonged The Great Depression. Still, Obama disregards such science and claims economists “from across the spectrum” agree that massive government spending is the only thing that can revive this economy.
Okay, well maybe he just thinks the conclusions reached in that study were wrong. Perhaps if there were others proving his plan (for which we’ve seen virtually no details, but he keeps assuring us it exists) wrong, maybe then he’d wake up and see the fallacy of his thinking.
Well, here’s a post on The American Thinker describing two studies, one from UC Berkeley and the other from UC San Diego, that conclude tax cuts produce more than twice the growth in GDP than government “stimulus” spending.
So we have three studies conducted by liberal universities in the solid blue state of California all concluding that a conservative approach to stimulus–primarily tax cuts–is more than twice as effective in accomplishing its goal than is a liberal approach–namely government spending.
History and economics tell us Obama’s strategy won’t work, but he’s charging ahead. Promising trillion dollar deficits (yes that’s $1,000,000,000,000) for the foreseeable future, but saying the alternative is really bad. His own economists have stated their predictions for growth can’t be trusted, but “The Smooth Talker from Chicago/Hawaii/Kenya/????” is dead set on pursuing this perilous path.
I’m afraid we’re in for a long, hard ride.
Once again Obama is setting the stage for taking a bad economy, making it worse, and claiming success.
We start this new year in the midst of an economic crisis unlike any we have seen in our lifetime. We learned yesterday that in the past month alone, we lost more than half a million jobs a total of nearly 2.6 million in the year
In 10 days we’ll officially be under Obama’s thumb, with his party also controlling both houses of Congress. When these policies turn a crisis into a catastrophe, they’ll try to blame the Republicans, but it’s going to be all on them. He claims economists from “across the spectrum” insist government must intervene, but these two economists must not be in Obama’s spectrum. The two researchers from UCLA studied the Great Depression and determined FDR’s approach (whose lead Obama is following) actually made things worse.
Noticeably absent was any mention of the conflict in the Middle East–no mention of Iraq, no mention of the Israeli-Hamas conflict, nothing on foreign policy at all.
The dems are screeching from every platform in America about the inevitable destruction of life as we know it if we don’t all lay down and let them steamroll us with what Michelle Malkin has suitably titled The Generational Theft Act of 2009. Obama’s was out the other day guaranteeing us trillion dollar deficits for the foreseeable future, but telling us we should be afraid of what would happen without them. Without digging the deficit hole so deep our great-great grandchildren may not refill it in their lifetimes, things could get really bad according to the President-elect–even dire.
Speaker of the House Nancy Pelosi (D-CA) tells Americans to trust the politicians who passed the laws, catered the corruption, and ignored the warnings that led to our economy’s current unstable foundation–they can fix it. Reminds me of the movie “Fast Times at Ridgemont Hight” when Shawn Penn wrecked the football star’s car and said “I can fix it.” She says we shouldn’t fear mortgaging our grandchildren’s future, but be very afraid of not being able to buy a new big screen TV this year.
If you’ve read my other posts regarding the bailout/stimulus/Socialist spending plans the last few weeks, you already know where I stand. Ronald Reagan said it best when he said, “Government takes from the needy and gives to the greedy.” Fred Thompson does a great job explaining why this plan-to-save-us-from-certain-death is fundamentally flawed here. And you can see another great explanation of the fallacy of Keynesian economics from Dan Mitchell of the Cato Institute in this video.
What, you still don’t believe those folks know what they’re talking about? Well, how about two UCLA professors who studied the Great Depression and concluded that Roosevelt’s policies didn’t save us from the Depression, they made it worse! Again, thanks to Michelle Malkin for bringing this study to light. These two professors, from UCLA (not a right-wing think tank by any means) mind you, set out to find why the Great Depression lasted soooooo loooonng and discovered FDR’s attempts to stimulate the economy actually stifled it!
“Ironically, our work shows that the recovery would have been very rapid had the government not intervened.”