On Aug. 1, then-candidate Barack Obama announced a $50 billion “emergency” economic stimulus plan. Now that he’s been elected, President-elect Obama’s advisers are pushing for a $500 billion spending plan. That number is not a mistake. In just three months the size of Obama’s emergency spending plan has risen tenfold. Obama has not even been sworn in yet, but the incoming administration is already proposing new deficit spending that is almost 4% of U.S. gross domestic product. Is there even any evidence that all this proposed government spending can spur economic growth? Not at all.
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