Keynesian Catastrophe: Big Money, Big Government & Big Lies
Uploaded by Pajamasmedia on Jan 19, 2012
The Cato Institute’s Dan Mitchell explains why Obama’s stimulus was a flop! With Glenn Reynolds.
I wonder what the people would have said if Rutherford Hayes had spent 24.7% of GDP a year? Obama laughs at the thought of Rutherford on Mount Rushmore, but with the economic mess we have now I don’t there is much of a chance that President Obama will end up on there either. Here is an excellent article by Dan Mitchell of the Cato Institute:
March 19, 2012 by Dan Mitchell
But I feel the need to rise to the defense of Rutherford B. Hayes, who was mocked recently by the current President. This Mark Steyn column is a deliciously vicious commentary on Obama’s speech, so no need for me to delve into the details.
Instead, I want to jump on the bandwagon and produce some posters comparing the 19th President and the 44th President (if you’re not aware, posters of Pres. Hayes with self-created captions have been all over the Internet).
Most important, Hayes largely was true to the Founding Fathers’ vision of a limited central government. Government spending averaged only about 6 percent of economic output during his tenure (probably less, the data are not very robust, so I took the worst-case numbers) and America was blessedly free of the income tax.
So which President would you prefer, Hayes or Obama?