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Uncommon Knowledge: Edward Lazear and Michael Boskin

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The Hoover Institution

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The Audacity: Stimulus Plan Based on Evidence, or Hope?

01 min 39 sec

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Former Chairs of the Council of Economic Advisers Michael Boskin and Edward Lazear discuss the rationale behind President Obama's economic policies. They argue that the stimulus plan was based on flawed economic theories, motivated more by hope than evidence.
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36 min 34 sec

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Previous FORAtv comments:

Tommy Jefferson

Posted: 07.21.10, 08:03 AM

Keynesianism voodoo failed just as communism did because it was based upon fantasy, not reason and evidence. Stop crying about it. Stop living fantasy. Get real.

london_clash

Posted: 07.16.10, 01:23 PM

"More hope than based on evidence" says the Hoover Institution, an institution founded by Herbert Hoover, the president who watched while 1/4 of all Americans became unemployed while touting the wonders of the 'free market'. It was then that FDR employed the Keynesian model, which started to work (until FDR scaled back and decided to cut spending, thinking the country was out of the depression for good) and it was in 2008 that the government passed a shy stimulus plan that the most respected economists warned was too small. And since then we've seen the president save millions of jobs based on stimulus spending, however, we've lost many millions more. In perspective, if the stimulus package were larger and didn't contain 40% tax cuts for corporations, it might have invested in programs that saved jobs and produced a healthy economy. Then we could afford to cut spending and save money. Don't mistake Obama for a Keynesian. Or a liberal. Keynes never said that a tablespoon a Keynesian economic policy would cure all ills.

JimVehe

Posted: 07.16.10, 06:47 AM

What a joke. Chapter 8 "if we do not keep taxes low and high growth open economy our standard of living will fall" What planet to they live on? By almost any measure the last 30 years have been the some of the worst for average middle class Americans. The only way the middle class maintained there standard of living was to borrow against an inflated housing market and now we see how well that worked. Why do we give people who have be proven so wrong any airtime?