unemployment under Socialism

From Robert P. Murphy:

Most Americans are well aware of what happened with the Obama “stimulus” package. His Keynesian economic team famously predicted that unemployment would not break 8 percent if the package passed. After the fact, of course, the Keynesians simply declared, “Wow, the economy was worse than we thought! Good thing we ran up the deficit as much as we did, though it was too little.”

He goes on:

Do you notice the pattern? The anti-Keynesians point to actual success stories as evidence of the potency of their policies. The Keynesians, in contrast, point to awful economies and claim that they’d be even worse were it not for the Keynesian “medicine.”

As I quoted before:

To be sure of hitting the target, shoot first, and call whatever you hit the target – Ashleigh Brilliant

About christopher fisher

The blog is meant for educational/entertainment purposes. All material can be used and reproduced in any length for any purpose as long as I am cited as the source.
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