United Liberty

Open up the New York Times and you will see probably the best content written on those pages in many months. The Cato Institute, offended by Barack’s assertion that there is no disagreement on the need for government intervention, decided to take action.

For our readers who wish not to strain their eyes reading a scaled down image of the ad here is the text:

Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policy makers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

The above statement was signed by over 200 economists, including some distinguished names such as James Buchanan, Vernon Smith, Edward Prescott, all whom are Nobel laureates.

Thanks to the Cato Institute and their Fiscal Reality Center for the ad.