Hillary Clinton’s big speech on Thursday laying out her economic proposals included much of what you’d expect—calls for higher taxes on “Wall Street, corporations, and the superrich.” The centerpiece was her call for “the biggest investment in new, good-paying jobs since World War II.” Reading the speech, and detail on the campaign website, I’m not encouraged.
We’ve been at this since 2008. But the caution that stimulus should be “timely, targeted, and temporary” has now been forgotten. Japan’s massive “infrastructure” spending and weak growth to show for it are forgotten. And if U.S. growth hasn’t been kick-started by the trillions of stimulus so far—the government has accumulated $8 trillion of debt since the recession began—how will another $50 billion a year help?
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