So argues economist Art Laffer here.
Much has already been written about the utter folly of claiming that mailing out checks to people so they can go and spend a bit more than they otherwise would will have a beneficial effect on the economy. The old term “voodoo economics” should be revived for it. Unfortunately, the politicians seem united in their determination to keep their smiley faces on and avoid answering hard questions on this.
Laffer raises a nice point — if a $600 rebate is good, why not much more? It’s just like the minimum wage. If your objective is to “raise people out of poverty” why stop at a measly dollar or two per hour raise? Why not mandate that everyone be paid $100 per hour? Similarly, if “rebates” of $600 will stimulate the economy, why not $60,000? And why only do it now? Why not shower the US in money all the time?
There should be a special award for any journalist who can nail down McCain, Clinton, and Obama and get them to answer those questions.
