At the outset of the Obama Administration, as Greg Mankiw reminds us, their economists laid out a series of predictions about where the unemployment rate would be with the stimulus package and without it. Currently, the economy is doing worse than their predictions of unemployment without the stimulus and, of course, much worse than the predictions with stimulus.
The stimulus apologists are ignoring the original prediction based on a model. By that prediction the stimulus is doing harm.
History shows us that several financial crises in the U.S. healed on their own rather quickly prior compared to financial crises after the 1930s, when it became en vogue for government to try and right the ship.
Another good column from Walter Williams, Is Disagreement with Obama Racism?
Race is no longer the problem that it once was. That doesn’t mean there are not white and black bigots and that every vestige of racial discrimination has been eliminated. What little racial discrimination remains is nowhere near the insurmountable barrier it once was. For the most part, white bigots are no longer respected among whites and I look forward to the day when black bigots are no longer respected among blacks.
When one says that race is no longer the problem it once was, it is not the same as saying that there are not major problems that confront a large segment of the black population. Grossly fraudulent education is a major problem but it has nothing to do with racial discrimination as evidenced by the fact that the worse education received is in the very cities where blacks dominate the political structure. Crime is a major problem but it has nothing to do with racial discrimination, particularly in light of the fact that blacks commit most of the violent crime in America and well over 90 percent of their victims are black. The fact of a 70 percent illegitimacy rate and only 35 percent of black children raised in two-parent homes is a major problem but it has nothing to do with racial discrimination.
Americans should disavow and not fall prey to the racial rope-a-dope being played on us by the nation’s race hustlers.