Harvard economist Robert Barro has broken faith with some of his wealth-redistributionist colleagues. Barro says Keynesian-style fiscal stimulus programs of the kind the Obama administration has imposed on the country do not work. Did you hear that? A Harvard economist says stimulus programs do not work. Barro says large government spending programs should be justified solely on their own merits.
Barro says, “In the long run you have to pay for it. The medium and long-run effect is definitely negative. You can’t just keep borrowing forever. Eventually taxes are going to be higher and that has a negative effect.”
Let’s sum up. You can’t go on borrowing forever and if you do, taxes will have to be raised and that, too, has a negative effect on the economy. Isn’t that what is happening right now in America? And the president wants to raise taxes on top of it? It’s wrong. It doesn’t work. It hurts the economy. That’s not me; that’s a Harvard economics professor. Is anyone listening?
This article published on July 7, 2011.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.