New Obama plans: 'spend our way out' of economic downturn

Wednesday, December 9. 2009

New Obama plans: 'spend our way out' of economic downturn

From AP:

President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work.

One of the major reasons for this recession is that we incurred too much private and public debt over the years. It simply defies understanding that we should therefore incur more debt with a questionable multiplier in order to pull out of this recession.

Update: The people who advocate more government spending in order to get out of this recession should be able to describe what the multiplier of that spending will be, otherwise they shouldn't be taken seriously.

Posted by Tom Elia in Economics at 16:36 | Comments (2) | Trackbacks (0)

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Unbelievable. I love the pic with the article. Is this guy the child-president? He certainly has the intellectual gifts of a 5 year old.

#1 Eric on 2009-12-09 19:03 (Reply)

Well, since I can't print my own money I'll continue to keep my spending to a minimum.

#2 Bob on 2009-12-10 13:31 (Reply)

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