Bill develops themes of Thomas Frank's recent book, Pity the Billionaire.
Read it at Bill Mitchell | billy blog
When conservatives reinvent history to suit themselves
by Bill Mitchell | Research Professor in Economics, University of Melbourne
The conservatives have only one recourse to attempting to match the facts with their erroneous theories about fiscal policy. They have to reconstruct the facts – a process that includes leaving important facts out and focusing on irrelevant correlations; fabricating facts; using definitions that no-one else would consider reasonable and then blurring the definition – and more.
They should be disregarded. The lessons of history are firmly supportive of the view that when non-government spending growth lapses, growth can be engendered with an increased contribution from government net spending. It is a proposition that is glaringly obvious in concept and stands the test of time.
The conservatives hate that reality. So instead – make an alternative up.