Political Quotes

“President Obama is about to roll out another jobs plan. He talked about it last week. This is 2\1/2\ years after the first stimulus bill, which, with interest, amounted to about $1.2 trillion. His economic advisers have confirmed the fact that this stimulus concept is actually based on the Keynesian economic theory. As our Republican leader noted last week, there are now, unfortunately, 1.7 million fewer jobs in America, according to the Bureau of Labor Statistics, than there were before the President's first stimulus bill. So the question, obviously, is whether this theory is better in theory than it is in practice. I wanted to talk today a little about the two different basic theories of economic growth and what you do in a situation of economic downturn, as we have today. How should we be looking at stimulation of job creation and economic growth? The two competing theories, of course, are the Keynesian theory, which I mentioned, and what some have called supply-side economics. There is no question that the Keynesian theory has been one to which the President's economic advisers generally adhere. It was used to justify the 2009 stimulus program and other programs. For example, the one that sticks out in my mind is the so-called cash for clunkers, but there were other transfer payment government programs, temporary tax credits, and others.…”