If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
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The fact that GDP recovered when Roosevelt took office means nothing. GDP is a very poor measure of economic activity. For one, GDP includes government spending less transfers which is non-productive and adds nothing to our standard of living. In fact it takes resources away from where they might be used to satisfy consumer demand or to be invested. Employment provided by the government likewise is non-productive and adds nothing to our standard of living, the entire reason the economy exists.
GDP also, contrary to its name, is not a “gross” figure since it only adds final capital goods and leaves out all overstates consumer spending and greatly understates investment. And even according to GDP figures, total investment over the 30’s fell slightly, meaning our accumulation of capital shrank.
Romer is an idiot and knows nothing about the basics of economics. It makes no sense to spend one’s way to prosperity.