President Obama says "economists from across the political spectrum agree" on the need for massive government spending to stimulate the economy. In fact, many economists disagree. Hundreds of them, including Nobel laureates and other prominent scholars, have signed a statement that the Cato Institute has placed in major newspapers across the United States.
- Read the text of the ad in HTML with additional signers
- Read the full text of the ad from the newspapers [PDF]
- If Congress passes a so-called stimulus package in coming weeks of say $800 billion, the 2009 deficit will top $2 trillion. Even the biggest critics of Washington's spendthrift ways never thought they would see a number like that.
"$646,214 Per Government Job," by Alan Reynolds, The Wall Street Journal , January 28, 2009
"We Can't Spend Our Way out of This Quagmire," by Lawrence H. White and David C. Rose, St. Louis Post-Dispatch , January 21, 2009
"Making Work, Destroying Wealth," by David Boaz, Cato@Liberty , January 12, 2009
"What Is Economic Stimulus?by Richard W. Rahn, Washington Times , December 3, 2008