I steal my heading from that given to an essay in yesterday's Mail by Dominic Sandbrook , in which he points out that Keynes's theory that governments should spend their way out of recessions was never actually used in Britain in the 1930s, a period, incidentally, that was never as harsh as old Labourite memories would have it, and the result of not using it was that we came out of it much quicker than the Americans. This piece of counter-mythology comes almost in tandem with a paper just issued by two UCLA researchers who, with the insouciance of the little boy who pointed out the nudity of the emperor, have studied the actual results of Roosevelt's much-acclaimed 'New Deal' policy and come to the conclusion that it "thwarted economic recovery for seven long years." Oh dear!
Still, if you are feeling glum at your prospects there is much amusement to be had reading the blogs of 'Oprah' Obama supporters (some of whom visit here) who are still giddy with pleasure and excitement and appear not to have noticed that their wallets are already being picked even as they celebrate. The contents of their wallets are, according to Democrat leaders, to be passed to 'Detroit Car Builders Inc.', an industry nearly as stupid as its customers in that it refused to follow the Japs in building smaller, more economical cars and which has thus been in decline for years, and is now in a nearly terminal condition. All these 'Obama-crat' bloggers who are cheering him on are the very same people who shrieked and moaned because Bush supported Big Business! (And, no, I don't get the logic, either.) All I can say to my American friends is this - British Leyland! Heh, heh, heh!
I give you, yet again, Duff's Law: You spend your money better than your government.
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