Why the Stimulus Makes Sense

April 11, 2009
By kost

 

Every day I hear someone complain about the Obama administration spending too much money in the stimulus bill. Most conservative politicians want tax cuts to be the alternative, however I take it they did not read their own Congressional Research Service Report that says “Economists generally agree that spending proposals are somewhat more simulative than tax cuts…” and “Tax cuts may be less effective than spending because some of the tax cut may be saved…” Apparently they did not realize that former President Bush’s tax cuts were saved in proportions of about 90% and did relatively little in stimulating the economy.

But let us not forget that conservatives point to “trickle down” or “supply side” economics as the holy commandment given to them by their savior Ronald Regan. In response I would like to quote Nobel Prize winning (and my personal savior) economist Paul Krugman, “The specific set of foolish ideas that has laid claim to the name ‘supply-side economics’ is a crank doctrine that would have had little influence if it did not appeal to the prejudices of editors and wealthy men.” It seems very true that wealthy conservative executives made and believe this doctrine for their own benefit, and in a plea to sound like a wealthy conservative executive this belief is now clung to by even the poorest of conservatives (unfortunately at their own expense).

Of course every statement that comes out in support of the stimulus comes with the caveat that there is no certainty that it will work. Some liberal economists think there should be more spending and other free market libertarian conservatives think that bailouts should never be used.   My hope is that this stimulus works (unlike Rush Limbaugh whose personal fortune allows him not to care) and that Obama’s inspirational American ideals and unifying principles trickle up to everyone in all walks of life so that our country can continue to be a world leader.  

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