The View From 1776
Wednesday, February 18, 2009
Sticking My Neck Out
Let’s pray that I’m wrong, but what I expect from President Obama’s stimulus program is:
a) very limited creation of additional jobs; b) an unnecessarily attenuated economic recovery period; c) massive long-term inflation, commencing within the next year; and d) a chorus of wailing, as ever, from liberal-progressives that these results reflect too little Federal spending (from the viewpoint of liberal-progressives, there can never be enough Federal spending).
For a good summary of the economic theories opposed to the Keynesian economics of socialism, read Bailout Blues by Mark Nugent (hat tip to the Mises Economics Blog, which provides links to other analytical articles).