One of the hallmarks of Keynesian economics is that deficit spending promotes sustainable growth.
It does not work. History has proven it so.
Hooray to today's Denver Post op-ed which does get it. Here it is.
Even as Europeans move further and further away from this philosophy, Barack Obama remains a disciple of it.
The G20 conference in Toronto this weekend was an embarrassment for Americans. As European leaders gave Obama dismissive looks, Obama continued to make his flawed case for more deficit spending, money that America does not have. You see, Obama believes that government spending stimulates a private market economy and creates jobs. Mr. President, with all due respect, you must have been asleep during your college economics classes.
Here is a little inconvenient problem with this approach: when the government spends "money", it spends your tax dollars. As it takes money away from you, it lessens how much money you can spend on things like job creation, productivity, capital investments et al.
But our President and his star-crossed advisers refuse to get it.
November is only 5 months away.