Posts Tagged Keynesian economics
Reason TV Presents this brief video that asks a simple question: If Obama’s economic policies are so great, and he’s fixed the recession, then where are all the jobs at? An interesting comparison between the policies of today and those that ended prolonged the Great Depression.
Today many Americans credit FDR with rescuing our nation from the Great Depression, but there’s plenty wrong with that view, says Lee Ohanian, a UCLA economics professor who specializes in economic crisis. “What’s wrong with that view is that private-sector job growth did not come back under Roosevelt,” says Ohanian, who notes that Americans often forget how long the Great Depression lasted. Unemployment stood at 17 percent in 1939, a decade after the infamous stock market crash, and, although times were much worse back then, Ohanian sees troubling parallels between the Great Depression and the Great Recession. In both instances our nation emerged from a severe downturn with strong productivity growth and the banking system largely restored. We were poised for a recovery, but didn’t get one. “So the key puzzle for both today and the 1930s is why aren’t private-sector jobs being created at a much more rapid rate?” Read the rest of this entry »
Peter Ferrara at the American Spectator presents this excellent analysis of President Obama’s economic policies, and his eagerness to dismiss successful economic policies, such as tax cuts and reduced government regulation, as “failed policies of the past,” whiel embracing Keynesian economic policies that have been shown to fail time and time again.
This pitiful economic performance is the plainly foreseeable result of an economic program based on the fundamental misconception that economic growth results from more government spending, surging welfare, and record shattering deficits and national debt, which are the foundational principles of the long discredited Keynesianism at the core of Obamanomics. What President Obama is treating us to is effectively a historical reenactment of the 1970s, if not the 1930s, so we can all see first hand how those economic tragedies happened. All the more so now that Bernanke has embraced the monetary policy fallacies of the 1970s in trying to use inflation to stimulate economic recovery. The resulting declining dollar means we are all getting poorer, as everything we buy from overseas will be more expensive as a result, meaning a declining standard of living for America.
Because the best thing to do for the economy right now is to meddle even further with the banking system, and keep banks from actually recovering their debts. The fact that the President of the United States and be so completely, utterly ignorant of economics just astounds me. Read the rest of this entry »
Damon Root at Reason Magazine references Independent Institute economist Robert Higgs, who argues that government spending and economic intervention harms development of the private sector economy. Higgs presents a solid case against government interference in the economy and Keynesian economics in general. Read the rest of this entry »
Tim Cananaugh at Reason Magazine takes a look at the current state of the American economy, and how the Obama Administration is attempting to present it. In doing so, Cavanaugh exposes five big lies that the Administration tells the media and the American people about the economy to support its failing Keynesian policies. Read the rest of this entry »