For the second week in a row, Bloomberg's Margaret Carlson got a much-needed education from Charles Krauthammer on PBS's "Inside Washington."
After Carlson gave the typical Keynesian response to Friday's unemployment report - "We’re cutting spending at a time when we should be adding spending to stimulate the economy and jobs" - Krauthammer without skipping a beat quipped, "The way it worked in ’09 and in ’10" (video follows with transcript and commentary):
GORDON PETERSON, HOST: The unemployment rate dipped slightly to 9.1 percent, and the private sector added 154,000 jobs, what is a net gain of 117 because there were 37,000 government jobs including 23,000 because of the Minnesota state shutdown. 117,000 in a, in a nation of 330 million people – that’s not very good news.
MARGARET CARLSON, BLOOMBERG NEWS: No, we need 300,000 to even, you know, show, show any growth. And there no signs of any growth, and we’re cutting spending at a time when we should be adding spending to stimulate the economy and jobs.
EVAN THOMAS, NEWSWEEK: But there is a larger…
Isn't it amazing how virtually every member of the media still believes in Keynesian economics despite its obvious failure in the past four and a half years?
As NewsBusters reported Friday:
Since the Democrats took over Congress in 2007, the deficit has grown tenfold from $160 billion to $1.6 trillion. Spending has increased $1.1 trillion or 41 percent as the debt exploded $5.9 trillion or 68 percent. Meanwhile, unemployment has gone from 4.4 percent to 9.1 percent.
How could anyone need any more proof that governments can't spend their way out of recessions?
