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Subject:  A vote for Obama is a vote for recession Date:  10/3/2012  6:08 PM
Author:  MadCapitalist Number:  646798 of 794894

A vote for Obama is a vote for recession

"After increasing government spending by 22.4 percent from President Bush’s last budget request and raising the national debt by more than 50 percent in less than four years, the Keynesian theory that Mr. Obama professes says the United States should have reached nearly full employment (5.3 percent, according to administration projections). Austrian school economists like Friedrich Hayek and Chicago school economists like Milton Friedman all wrote persuasive critiques of the Keynesian model, which never works in practice. In the late 1980s, I testified before Congress using empirical data with which I showed (in a curve) how, as governments get larger as a percentage of gross domestic product (as ours has under President Obama), economic growth and employment slow — not rise. My argument has been replic