The Death of Keynesian Economics… Reagan’s 4th Year in Office: 7.75 GDP… Obama’s 4th Year in Office: 2.2 GDP
- Post 29 April 2012
- By Copy Editor
It’s time to give Keynesian socialism a proper burial.
It doesn’t work. It never did. Big government socialism only brings on more debt, waste and suffering.
For proof look at Europe. This week the Portuguese Finance Minister even admitted the stimulus failed.
President Obama imposed a big-spending faux stimulus program on the economy back in 2009, claiming that the government needed to squander about $800 billion to keep the unemployment rate from rising above 8 percent.
How did that work out? One possible description is that the so-called stimulus became a festering pile of manure. About three years have passed, and the joblessness rate hasn’t dropped below 8 percent. But the White House has been sprinkling perfume on that pile of you-know-what and claiming that the Keynesian spending binge was good policy.
But not every politician is blindly ideological like Obama. Vitor Gaspar, Portugal’s Finance Minister, is willing to admit error. Here are some relevant excerpts from a New York Times report. ...