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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (568238)5/26/2010 5:36:07 PM
From: i-node  Read Replies (3) of 1583407
 
>> Meanwhile, real economists doubt the stimulus had any effect:

Ten

I can find no evidence at all that fiscal stimulus "works". At best, it is simply an intergenerational wealth transfer. But to even give it THAT much credit you have to assume that government spends the money efficiently, which it clearly doesn't (the little town I live in has hired, from "stimulus money", 10 passport agents -- a town of < 50K in a state that doesn't even have an international airport).

The evidence is overwhelming that fiscal spending during the FDR years actually PROLONGED the Depression.

Henry Morganthau, Jr. -- FDR's Secretary of Treasury, one of the core designers of the New Deal

No, gentlemen, we have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this Administration we have just as much unemployment as when we started. . . . And an enormous debt to boot. -- Morganthau, May, 1939, before the House Ways & Means Committee
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