L.A. Liberty

A Libertarian in Leftywood

When the passage of the Obama “stimulus” package coincided with the economy falling off a cliff, the Keynesians said, “Oh wow, good thing we passed that! The economy is even worse than we realized!”


When the implementation of “austerity” coincided with an economy improving according to the standard metrics, the Keynesians said, “Phew! We got lucky! The economy was doing a lot better than we realized.”

— 

Bob Murphy, “Counterfactuals to the Keynesian Rescue, Once Again”

(Though it’s important to note that the perceived progress should not be trusted as it has followed record amounts of monetary inflation courtesy of the Fed. Much of the current so-called “prosperity” is more likely the false prosperity of a bubble economy. Beware the business cycle.)

Notes:

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