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POPSWeaponized Keynesianism GOP only believes deficit spending can create jobs when it goes toward airplanes that will never be used in combat
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POPSThe Fallacy That Government Creates Jobs The theory of government-instigated job creation overlooks the loss of resources available to the productive sector of the economy. Frederic Bastiat, the great French economist is well known for many reasons, including his explanation of the "seen" and the "unseen." If the government decides to build a "Bridge to Nowhere," it is very easy to see the workers who are employed on that project. This is the "seen." But what is less obvious is that the resources to build that bridge are taken from the private sector and thus are no longer available for other uses. This is the "unseen." So-called stimulus packages have little bang for the buck. Harvard Professor Greg Mankiw filled in the blanks and calculated that each new job (assuming they actually materialize) will cost $280,000. In reality, the cost of each government job should reflect how that $280,000 would have been spent more productively in the private sector.
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POPSThe Legacy of Keynes In the Keynesian framework, the largest chunk of spending is on account of consumer outlays. Therefore consumer outlays are regarded as the motor of the economy — consumption sets in motion real economic growth. But is consumption the motor of the economy? We suggest that one must make a distinction between productive and nonproductive consumption. While productive consumption is an agent of economic growth, nonproductive consumption leads to economic impoverishment.
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POPSLeft-Wing And A Prayer ~ Mark Steyn
deficit fear has to take a second seat. I do think this is a time for a kind of very important dose of Keynesianism. I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money. Look, it's not difficult. Barack the Spreader wants to spread Joe the Plumber's wealth around. In fact, every American does that for himself every day of the week, every time he swings by Joe the Butcher, Joe the Baker, Joe the Candlestick Maker, Jolene the Waitress, Jolene the New York Gubernatorial Prostitute, whatever. The question is whether 300 million Americans spreading their wealth around can do it more effectively than Barack and Barney taking it unto themselves to spread it around. I don't find that hard to answer. If you disagree - if you believe in socialist redistribution from the dynamic sector of the economy to the sclerotic, incompetent and corrupt . . .
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POPSHe can't be that liberal. Can he? I think at this point, there needs to be a focus on an immediate increase in spending and I think this is a time when deficit fear has to take a second seat. I do think this is a time for a kind of very important dose of Keynesianism. I believe later on there should be tax increases. Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money.
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