Kevin_Kennedy
Defend Liberty
- Aug 27, 2008
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It should be obvious to everyone but the most dedicated adherent of Keynesianism that the stimulus did not accomplish its end. The combination of outright spending by Congress, the desperate schemes to reflate the housing market, the attempt to transfuse bleeding firms with other peoples money, and the creation of trillions in artificial money, has not done a thing to lift the US economy.
Actually, the reverse has been true. All these efforts have prevented the adjustment of economic forces to the post-boom world. And all the resources that the stimulus consumed were extracted from the private sector, for we must always remember that government has no resources of its own. Everything it does must come from the hides of private producers and the citizenry in general, in the future if not immediately.
The Many Collapses of Keynesianism by Llewellyn H. Rockwell, Jr.