In which I am not exactly surprised to be proven correct again:
Originally, I intended to just clip out the statement from Keynesian economist Jeffrey Sachs that “the stimulus failed,” which Joe Scarborough had to dig to get, but the entire segment is worth viewing. First, Sachs confirms — on MS-NBC, no less — that the Obama administration and Democrats in Congress had no strategy for long-term growth. The stimulus was a collection of short-term minor stimuli, combined with liberal hobby horses that Democrats had ridden for twenty years. Scarborough tries to defend Keynesianism from the Keynesians, but the failure can’t be separated from the philosophy.
The amusing thing about the failure of the stimulus isn’t that its failure was predictable, but rather that the shameless excuse-making of the Neo-Keynesians regarding its failure was also not only predictable, but predicted too.
And note all the talk about double-dip recessions, coming right on schedule in Q2 2010. Remember, as per RGD, the Great Depression 2.0 talk isn’t supposed to kick off in earnest for another two quarters.