Mike Tennant
LRC Blog
October 21, 2008
Rep. Barney Frank (D-MA) says that it’s time for "a very important kind of dose of Keynesianism" and that he would recommend to a President Obama that he not fear deficits now but spend, spend, spend. The money, says Frank, can always be recovered later by taxing the rich.
Presidents since FDR, including Republicans such as Richard "We are all Keynesians now" Nixon, Ronald Reagan, and both George Bushes, have spent like there was no tomorrow, and yet we’re still in an economic downturn. Now Frank’s prescription is to do more of the same. I wonder if Frank’s solution to cocaine addiction would be to supply the addict with free crack.
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