Wrongheaded Economists . . . and Presidents Who Follow Them

Something happened the other day that has never happened before: when the president wanted to make a speech to a joint session of Congress, he met some resistance and had to change the date on which he wanted to speak. The White House scheduled his speech the same night as a Republican presidential debate at the Reagan Library. Spokesmen claim they didn’t intend to stomp on that event, but how believable is that? Really? House Speaker Boehner suggested President Obama switch to the next night. Surprisingly, he agreed.

It’s supposed to be another economics/jobs speech. Most commentators, even some on the liberal side, aren’t expecting much new. It looks to be a rehash of spending programs and minor/temporary stimuli he has proposed before. In other words, he has learned virtually nothing from his own past failures. Expectations aren’t high because it appears he doesn’t really understand the dangers we are facing.

The president claims we are experiencing growth; nearly everyone else examines the situation and calls it what it is—a continuing recession, no matter what some economists might say. Those are the economists Obama listens to, and they want more spending to “create” prosperity. I’ve never understood that logic.

Keynesian economics, which posits that government spending is the engine to jumpstart the economy, contradicts all sound economic reasoning. Government involvement in the economy is the problem, and just making a few minor adjustments is no solution at all:

Economists are very adept at offering theories, but the real world has a way of testing those theories and showing which ones are out of touch with reality:

I’m not saying all economists are wrong or useless. I’m just saying the ones who agree with the president, the very ones on whom he relies, are wrong and useless. Their ideological blindness is killing us.