A virtual who’s-who in economics is taking out an ad in major newspapers today declaring that the economic stimulus package as it is written is a very bad idea. Nobel Laureates and significant contributors to the field of economics declare that:
It is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.
It would appear that Obama’s declaration on Jan. 9 that there is “no disagreement” amongst economists on the way to jumpstart the economy was a bit premature.
(h/t: NetRightNation)
