Diary

Quote Of The Day

As Washington observers recognize, this entire debacle [over the stimulus package–ed.] became predictable the moment the then president-elect decided to permit the House leadership to draft his stimulus legislation. While Obama was behaving like a professor, holding seminars with economists Lawrence Summers, Paul Volcker and Christina Romer, Democrats in the House were behaving like politicians, using Obama’s call for a stimulus as cover for forking over tens of billions of dollars to Democratic interest groups.

You didn’t even have to be a practicing politician to see what would happen. Even an intellectual like Obama himself ought to have been able to figure it out–any intellectual, that is, who had bothered to read the work of Nobel laureate James Buchanan. As Buchanan long ago noticed, economists who support Keynesian spending programs in theory tend to overlook the self-interested behavior of the politicians who must spend all the money in practice.

Peter Robinson. I do not know how anyone can deny anymore the fact that the stimulus package is a public policy disaster waiting to be implemented.