PolitiFact Declares Century-Long Economics Debate Over
Brian Riedl /
For most of a century, macroeconomists have debated the pros and cons of government “stimulus” policies. Because there is no way to determine how the economy would have performed without a stimulus, the debate comes down to dueling economic models, assumptions, and theories. With Nobel Prize-winning economists lining up on both sides of the issue, the debate has seemed destined to continue. Apparently, that is, until now.
PolitiFact – a group of reporters affiliated with the St. Petersburg Times in Florida – has declared the debate over. In a “fact check” column, they have declared from on high that the last stimulus bill successfully created or saved 1 million jobs so far, and will create or save 1 million more in 2010. End of debate, right?
Typically, fact-checking is limited to checking, well, verifiable facts. Whether the budget deficit is rising, how much Washington spends on Social Security, and what provisions are in the latest health care bill are not open to interpretation. They can be verified factually. (more…)