Tuesday, March 24, 2009

John Tamny Takes On David Brooks: He Can't Be Serious

TUESDAY MORNING: Look for stocks to sink lower today, after shooting up way too much on lower volume yesterday. Meanwhile, this is frightening.

"...in case Brooks is not convinced (that reducing government spending and cutting taxes has historically helped stimulate the economy), a thought experiment is in order: Let’s assume that the New York Times’ Metro desk is on one floor in the venerable paper’s new building, and that editorial staff is on another floor. After that, let’s assume that the Metro staffers enter the offices of Brooks, Nic Kristof, Maureen Dowd and Paul Krugman, steal whatever cash is lying around, and then go spend it wildly in Manhattan. Would midtown-Manhattan’s economy be stimulated, or would Brooks, Kristof, Dowd, and Krugman be that much poorer the next time they wanted to go hog wild in Times Square? What Brooks never bothered to explain as he smacked the GOP for its allegedly born-again thriftiness is how government profligacy with money borrowed or taxed from the private sector would actually enhance economic growth."

Do read the whole article of Tamny's taking Brooks---who's a decent enough guy but doesn't have a clue about the economy---to task. It couldn't happen to a nicer guy.

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