Writing in the New York Post, Ronald Utt excoriates the “stimulus” bill, pointing out (among other faults, but this is the key) that government spending that absorbs scarce resources is going to be harmful, not helpful, in restoring productivity in the economy. (Utt knows what few politicians do: we’re interested in GDP, not just lowering the unemployment rate.) Read his piece here.
The “stimulus” bill is taking an intellectual pounding that’s like the British Navy’s shelling of the Bismarck. Will the administration acknowledge that, or just pretend that all is fine and resort to brute political power to shove it through?
