Saturday, October 23, 2010

We can't spend our way to prosperity.

"Last week, the Cato Institute ran a full-page newspaper ad signed by more than 200 economists, including Nobel laureates stating:
"We the undersigned do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's 'lost decade' in the 1990s ... Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth."

-- John Stossel.   "We can't spend our way to prosperity"

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