Saturday, March 14, 2009

The Audacity of Dopes - America's Lack of Planning for Stimulus is Reckless

Connecting the dots - Does anyone in Dayton understand why the Stimulus Proposed by Obama is a poor investment and will be his undoing as it will take fours years at least for the sheep known as the American populace to get it.  As an exercise try to figure out why the list of projects funded based on this quote

“We understand that everyone has a need out there, so we used the idea of a fair share scenario,” said Don Sprang, MVRPC executive director.

is not a good use of the Chinese Investments

And that the way Old Europe has or will invest its money may be wiser.  But hey we are Americans and we are blessed by God, so we must be right - Shovel Ready to Dig our own graves -  Riiight!  I find the list very interesting as the comments were mainly about improving and expanding bikeways, while very little was funded.  Well Dayton knows better as the Car Industry has a very bright future, so funding roadways is a "great investment."

Old Europe Is Right on Stimulus -
While he's in the U.K., perhaps Mr. Geithner should also ask his European counterparts whether any of them have ever seen a 1.5 Keynesian "multiplier" in the wild. That's the idea -- promoted by Mr. Summers -- that every $1 of deficit spending yields $1.5 in economic growth. If that were true, Italy would be the richest country in Europe, instead of merely one of the most indebted.

And if the Treasury Secretary is looking for something to read on the plane, we recommend a recent paper by a trans-Atlantic team of four economists -- two Germans and two Americans. The authors -- John Cogan and John Taylor of Stanford and Tobias Cwik and Volker Wieland of Goethe University -- subject the Administration's stimulus to the most recent Keynesian scholarship.

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