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    Friday, April 19, 2024

    Austerity doesn't help the economy

    For all you conservative deficit hawks I have some questions and answers.

    Question: Which recent president increased the growth rate of government spending on a per-capita basis?

    Answer: President George W. Bush. (Yes this includes the tax decreases and the wars.)

    Q: Which recent president decreased the growth rate of Government spending on a per capita basis?

    A: President Barack Obama.

    Q: How did we recover from the Great Depression?

    A: By using government spending to facilitate increases in the Gross Domestic Product. (Yes, this included the war costs.)

    Q: What happens when you have a severe austerity program during a severe recession?

    A: Look at current Greece (Want to be like them?)

    Q: Have you ever heard of Keynesian economic theory?

    A: Probably not.

    P.S. We are currently reducing the national debt as a percent of GDP and will further reduce the debt under a long-range plan.

    This is Economics 1.01.