- The Washington Times - Monday, June 13, 2011


One indicator of additional economic disaster looming over the land of the free and the home of the brave is the number of highfalutin economists who are deserting the Obama administration (“Goolsbee exit comes at tough time for Obama, economy,” Web, June 7).

Larry Summers, Christina Romer and now Austan Goolsbee are all getting out of Dodge before the dreaded double dip. Who can blame them as they escape the high-pressure Beltway for the more polite on the surface but no more congenial ivory tower?

All of these experts have academia in common. Forget the realm of hard knocks, where real-world data rule the decision-making roost. Better, as the progressive conceit would have it, to theorize about what should work, experiment on a work force in extremis and, if found wanting, blame George W. Bush, “bumps in the road” or anything other than yourself.

So what if trillions of dollars are thrown away trying to resurrect Keynesian theory and the fantasy of the multiplier effect? This will provide fodder for doctoral theses in years to come, so all is not wasted, according to these people.

To add insult to the injury of the metronomic failure of Obamanomics is the fact that real-world economists from the business sector have informed the president and his advisers all along. But what do they know? After all, facts are troublesome, especially when they clash with liberal dogma.



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