Monday, 9 November 2009

Can we please bury Keynesiasm?

Via the Whited Sepulchre, comes this delightful graph from Greg Mankiw, Professor of Economics at the famously "wet" Harvard University:



As you can see, The Saviour's Plan to save the US by government intervention was supposed to help the unemployment rate fall from the nasty light blue line to the much better dark blue line. This is what three quarters of a trillion dollars was spent on. As you can see, the reality (the maroon dots) is that the unemployment rate is pretty much on the mirror image above the light blue line, massively worse than even the very-worst-case suggestions that Obamalamadingdong used to justify his crucifixion of the US economy.

Far from improving the unemployment rate, Obama's massive bailouts have made things worse, in fact, they are actually worse than "just" a mirror image of where they're supposed to be.

Ronald Reagan was absolutely right when he said the nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'

And still you will find some fuckwits insisting that the "right kind" of government can do good things.

7 comments:

AntiCitizenOne said...

Yep, Maybe they should just have reduced the fines the government hand out for working (Income Tax) or employing someone (regulations and Employer NI)?

Mark Wadsworth said...

To be fair, his splurge has created a million or two jobs. The problem is, it has destroyed twice as many jobs somewhere else. It's a negative-sum game.

John Holmes said...

His splurge? Mark "Wad"-sworth? Surely you should be posting on Obo Diggler's porn thread?

microdave said...

Look on the bright side - when it happens here the Snot Gobbler will be able to claim that it "Started In America"

Bucket of Tongues said...

"And still you will find some fuckwits insisting that the "right kind" of government can do good things."

Right. That's why private enterprise should have saved people in New Orleans. That's why the NHS is one of the most respected and trusted institutions in the land. Get your ideology-blinkers off, Obo. They're affecting your mind.

Obnoxio The Clown said...

"That's why private enterprise should have saved people in New Orleans."

As it turns out, private enterprise and personal charity did a lot more than they are credited for. And correct my memory, but wasn't the government roundly criticised for its uselessness in the New Orleans scenario.

"That's why the NHS is one of the most respected and trusted institutions in the land."

You having such a fucking laugh, you are.

If there's anyone here with blinkers on, it's not me.

AntiCitizenOne said...

The NHS staff are respected for putting up with the organisation.

The NHS is a killer, that's why I call it the http://nationaldeathservice.blogspot.com/