Government stimulus: Out of sight, out of mind

The President’s Council of Economic Advisers (CEA) has released its most recent quarterly report on the effects of President Obama’s stimulus plan. Not surprisingly, the CEA praises this monumental Keynesian scheme, crediting the stimulus for saving or creating 3.6 million jobs and increasing the amount of private funds invested in the economy. What should we make of such claims? We would all do well to remember the wisdom of Frederic Bastiat: shopkeepers are not better off after having their windows broken by hoodlums, just as the victims of theft do not have their economies stimulated by thieves. Sure, the window […]

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