News flash! Water wet! Fire hot!

John Maynard Keynes still full of crap!

WSJ:

The global recession and financial crisis have refocused attention on government stimulus packages. These packages typically emphasize spending, predicated on the view that the expenditure "multipliers" are greater than one—so that gross domestic product expands by more than government spending itself. Stimulus packages typically also feature tax reductions, designed partly to boost consumer demand (by raising disposable income) and partly to stimulate work effort, production and investment (by lowering rates).

...

The bottom line is this: The available empirical evidence does not support the idea that spending multipliers typically exceed one, and thus spending stimulus programs will likely raise GDP by less than the increase in government spending. Defense-spending multipliers exceeding one likely apply only at very high unemployment rates, and nondefense multipliers are probably smaller. However, there is empirical support for the proposition that tax rate reductions will increase real GDP

From Gateway Pundit, who adds:

Obama and democrats spent billions this year on their stimulus plan and all we got was another trillion dollars in debt.

It looks like you can't spend yourself out of a recession, after all.

(Although that was actually the intro, not an "added comment.")

BTW, notice how "they" never talk about how, even when the projected deficit spending is down to merely dizzying levels, from the current-year nose-bleed-inducing troposphere, that "they" never, ever talk about the National Debt? Only those darned, bitter gun- and religion clinging racists care about that sort of thing...