"There is no disagreement that we need action by our government, a recovery plan that will help to jump-start the economy."Barack Obama on Friday, January 9th, 2009 in a news conference
The Cato Institute got weary of this line of argument and took out a newspaper ad in the New York Times on Jan. 28, 2009.
"With all due respect Mr. President, that is not true,"
"More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan's 'lost decade' in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today," the ad says. "Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth."The Cato ad has 203 signatories, including three recent Nobel Prize winners.
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