A great new article on the failure of the stimulus package from Steve Stanek, Editor of The Heartland Institute’s Budget and Tax News publication appeared October 9th in the Milwaukee Journal Sentinel. In the article, Stanek highlights how the stimulus had little effect on the economy and is actually slowing the recovery.
“Since the official end of the recession, we have thrown hundreds of billions of dollars of stimulus money into the economy on top of the trillions of dollars that local, state and federal governments would be spending anyway. The Keynesian economic theory that stimulus supporters embrace tells us this extra government spending should have the economy roaring.
Instead, we read of this being the weakest economic recovery since World War II. We read of government leaders and central bankers around the world fearing another slide into recession. We read of an official unemployment rate that hovers between 9.5% and 10% and a real unemployment rate – which includes the unemployed, underemployed and those who are so frustrated they’ve stopped looking for work – around 17%.”
Stanek’s article, “Stimulus Didn’t Even Come Close to Working,” is available online at: http://www.jsonline.com/news/opinion/104595759.html.