Some great commentary on the stimulus package today:<\/p>\n
In the end, say economists, it was not public works but an expensive cleanup of the debt-ridden banking system, combined with growing exports to China and the United States, that brought a close to Japan\u00e2\u20ac\u2122s Lost Decade. This has led many to conclude that spending did little more than sink Japan deeply into debt, leaving an enormous tax burden for future generations.<\/p><\/blockquote>\n<\/li>\n
Popular Mechanics points out that the reason projects are shovel-ready<\/a> is because they weren’t worth doing in the first place.<\/li>\n I’m opposed to the current stimulus, but my conservative streak has lots of misgivings. I’m not sure I’m right and the stakes seem awfully big. The downside risk of not acting — a prolonged recession — seems better the downside risk of acting — inflation and a lost decade. But that’s just me.<\/p>\n
I also refuse, on principle, to join with the science blogs in protesting the elimination of NSF budget hikes. I can’t be opposed to runaway spending in principle but support it for my specific bailiwick.<\/p>\n","protected":false},"excerpt":{"rendered":"
Some great commentary on the stimulus package today: Alternative proposals from Miron and Mankiw sound better to me than a raft of spending. Those millions of jobs we’re supposed to get? They’re estimated from a simple rule of thumb. We all know how good rules of thumb work, right? I’m curious if anyone has an … Continue reading Stimulus Linkorama<\/span>