Mort Kondracke, political moderate, wrote an opinion piece uncharacteristically agreeing with conservative talk show host Rush Limbaugh.
Limbaugh had suggested to Obama the following fix to the recession: Give 52% of the gargantuan pork bill to the Democrats and 48% to the Republicans, according to their respective election result votes, for them to use to restore our economy according to their separate approaches. The Dems can borrow the money and spend tax money on creating government and inventing jobs. The Republicans can tax cuts and capital gains cuts. Kondracke almost got things right. He summarized the two approaches as follows: the Obama plan of Keynsian economics where the government steps in with borrowed money or taxpayer money and puts it in the hands of consumers. The supply side method, of “cutting taxes for investors and producers who will hire workers and buy plants and equipment, producing wealth.” He said “no one can be certain of the best way out of a recession,” but his own column refutes that statement. The spending money the government places in consumer hands has to come from other consumers, which is zero sum result. Tax cuts encourage business growth, which is not a zero sum result. One can look at history and see that four presidents, including JFK, cut taxes and successfully fixed a recession in less than 8 months. Putting taxpayer money in the hands of Government bureaucrats to spend on stimulus packages has never worked.
One Guy's Opinion on the Political Scene By: Jim Herndon
