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Democracy and Power: 104 Future Debt Burden
A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz
Bush and Obama’s Bad Investment Of $1,000,000,000,000
John Cogan and John Taylor economists from the Hoover Institute and Stanford University have examined Presidents Bush and Obama's stimulus policies. Cogan and Taylor concluded these were terrible investments: Neither worked. After more than three years since the crisis flared up, unemployment is still very high and economic growth is weak.
Why? Presidents Bush and Obama and their Congresses rushed to invoke Keynesian theory over the works of two Nobel Laureates, and a former member of the Federal Reserve: The irony is that basic economic theory and practical experience predicted this would happen. If policymakers had only remembered what Milton Friedman, Franco Modigliani, and Ned Gramlich had said, we might have avoided these two extremely costly policy failures.
Economics is the boring science, but this article should be read.
The executive summary of government incompetence is:
Again, read Cogan and Taylor’s article.
Call your Congressman and Senators.
This enormous increase in debt is a burden on all Americans. You, your children and grandchildren shall pay for this incompetence. Stop the next harmful investment, which is in truth debt – dangerous debt.