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Economists Take a Stand

I would like to stake out a position on the coming "stimulus" package from Congress.  I am opposed and I am not alone in my opposition.  One economist who eloquently expresses the position to which I adhere is Michael Cannon from the Cato Institute:

"The only way Congress can spend money is to extract it from the private sector – either by taxing it, borrowing it, or seignorage. The question then becomes: will Congress spend that money more wisely than the private sector would have spent it? The answer appears to be no. Congress typically spends according to its political priorities, not economic priorities."

He is not alone and you can find more than a dozen more voices of economic rationality at Brad DeLong's "journal".  Just be sure to scroll down for his opinion of this view is slightly different than mine.




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