Monday, December 29, 2008

Keynesian Nonsense from Larry Summers

The Obama's selection for head of the White House National Economic Council, Larry Summers, went on a tear in Sunday's Washington Post.

Sound, spend, spend says Larry. He also wants to cut taxes, which means that the Obama Administration plans to borrow its way to prosperity. Of course, Larry doesn't discuss, at all, the crowding out from the debt markets of the private sector that will occur because of all of Larry's proposed borrowing, borrowing and borrowing.

But, hey, Larry can't cover everything in one column, maybe he'll get to that next week.

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