Welcome to the Reading Room

Here are some news stories and articles which might be of interest to you. I've posted the opening section, and if you want to read more, you can click on "Read the whole article" to go to the original item. You'll find a variety of things here -- current news, political analysis, opinion pieces, articles about religion -- things I've happened to read and want to share with you. It's your Reading Room, so take your time. Browse. You're certain to find something you'll want to read.

Wednesday, September 16, 2009

The Stimulus Didn't Work

The data show government transfers and rebates have not increased consumption at all.

by John F. Cogan, John B. Taylor and Volker Wieland

Is the American Recovery and Reinvestment Act of 2009 working? At the time of the act's passage last February, this question was hotly debated. Administration economists cited Keynesian models that predicted that the $787 billion stimulus package would increase GDP by enough to create 3.6 million jobs. Our own research showed that more modern macroeconomic models predicted only one-sixth of that GDP impact. Estimates by economist Robert Barro of Harvard predicted the impact would not be significantly different from zero.

Now, six months after the act's passage, we no longer have to rely solely on the predictions of models. We can look and see what actually happened.

Read the whole article.

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About Me

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Fr. Phillips is the founding pastor of Our Lady of the Atonement Catholic Church, the first Anglican Use parish, established on August 15, 1983. Not that there is any confusion, but he is on the left, shown in his younger, less gray-headed days.