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.
President Obama c/o The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Dear Mr. President,
I know that you receive 20,000 letters a day and that you actually read 10 of them every day. I really do respect you for trying to get a pulse on what is going on out here.
I wonder what the people would have said if Rutherford Hayes had spent 24.7% of GDP a year? You laughed 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 you will end up on there EITHER UNLESS YOU START CUTTING SPENDING. 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?
Thank you so much for your time. I know how valuable it is. I also appreciate the fine family that you have and your commitment as a father and a husband.
Everette Hatcher III, 13900 Cottontail Lane, Alexander, AR 72002, ph 501-920-5733, firstname.lastname@example.org