15 votes

John Stossel: Wisdom From Canada And Ron Paul


Our debt is out of control - nearly 70% of our economy, and it's projected to reach Greek-like levels in just 15 years. What to do? Many politicians say: stimulate!

John Maynard Keynes believed that. Last night on the O'Reilly Factor, Bill attacked me for defending Ron Paul's criticism of Keynes and the Fed. It's hard to make points over Bill's interruptions, so I'll make some here.

Keynesians say, when the economy is sluggish, increase spending! And our President says that it's definitely wrong to cut. Obama said this about Republican proposals to cut:

"A 70 percent cut in clean energy. A 25 percent cut in education. A 30 percent cut in transportation... These are the kinds of cuts that tell us we can't afford the America that I believe in and I think you believe in."

He is wrong. We can make cuts and have a better America.

Japan and Canada demonstrate that. Japan applied the Keynesian prescription in the 90's. Budget deficits ranged between 6 and 9 percent of GDP. Their debt went from 11 percent of GDP to 80 percent. And the policy failed to stimulate. Oops.

In my syndicated column this week, I point out that 15 years ago, Canada had just as much debt as we (also 70% of their economy). They also had high unemployment and sluggish growth. Their bond rating was down graded. They tried the opposite of the Keynesian prescription.


Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

So what if Canada managed the feed lot a little better.

I'm still a cow! The other cows around me are more dummed down than 1995. (look, I even spelt dumb wrong)

Where I work; a resort conference center. Over 95% (guess) of the business is printed money. DoF, DoD, Dept of Faking that We're doing Something, Banks, Tribal bitching. Right now only Federal money too. No Provincial.

I think in 1995 the finance minister moved money from Social Insurance to the general fund. Anyone?

How do you change the argument from the common good to liberty/ laissez nous faire. Do you think when Le Gendre said to Colbert, "laissez nous faire" he was talking about just commerce?

Stossel is a freind

Some people on here have trashed him from time to time, but he is on our side.

Stossel correctly states both the problem

and the solution.

"Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern." ~~C.S. Lewis
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15


OReilly thinks that if interrupts and talks louder than they do he wins the argument.

We had a saying in our company

'He who speaks loudest and longest, wins.' Well, they don't really win because they are too bull-headed to listen and learn, and ultimately they dig themselves a political hole that they can't get out of. Then they lose, big time.

Thats how bully's operate


I'm guessing he found out early in life, being born larger in size than most people, that physical intimidation worked better than intellectual intimidation. Thus he grew into a man... learning to raise his voice and wave his arms to get his way.

(Disclosure: I used to love and idolize this man... now I see him for the big puss that he is. Paper thin and tiring to look at.)

reedr3v's picture

Nice, very clear examples. Stossel is

a good popularizer.

hope this article goes viral

I posted this on Twitter & now I am sending it to Drudge Report.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15