Bring Out the Shovels!
The enormous fiscal stimulus passed by the United States government in 2009 failed, even by its own standards – unemployment has remained higher than the administration’s worst-case predictions and placed an enormous burden on future generations of American taxpayers. Not to be derailed by the evidence, of course, President Obama has announced more Keynesian stimulus spending in an attempt to “create” jobs.
You would have thought that someone in the White House would have realised by now that taking money from the private sector and spending it in the public sector will not create employment, nor solve the underlying structural issues in the US economy.
On stimulus, Cafe Hayek has this excellent letter to the Weekly Standard.