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BeltwayBlips Member Blog
Hallmark makes a space-themed greeting card that uses the term "black holes". NAACP screams "racism!" Hallmark cowers. http://bit.ly/9cvzny #
Ashton Kutcher (@aplusk) Is all conservation-y and stuff. But he drives a 7 MPG Navistar CXT. http://twitpic.com/1v1so6 #
Fed Chairman Ben Bernanke says there will be no double-dip recession. So, there probably will be. http://bit.ly/acldZl #
Obama to graduates: Don't make excuses…although it's OK to mention that George W. Bush is the culprit for everything. http://bit.ly/cGo8Cc #
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Obama to graduates: Don’t make excuses…
I expect to see this quote a lot come two years from now.
Mainstream Keynesian economics is facing its last hurrah. The global fiscal stimulus championed last year by the Obama administration is coming undone, repudiated by the same Group of 20 that endorsed it last year. Now, against a backdrop of a widening sovereign debt crisis, we need to abandon short-term thinking in favour of the long-term investments needed for sustained recovery.
Keynesian stimulus was premised on four dubious propositions: that it was needed to prevent a global depression; that a short-run fiscal boost would jump-start the economy; that “shovel-ready projects” could combine short-term cyclical and long-term structural agendas; and, last, that the rapid rise of public debt occasioned by stimulus need not be a concern. That these ideas were so widely accepted was a testament to the perennial political attractiveness of tax cuts and spending increases.
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