Federal Spending Doesn't Work | Chris Edwards | Cato Institute: Commentary

Federal Spending Doesn't Work | Chris Edwards | Cato Institute: Commentary: "In Keynesian theory, the total amount of deficit spending is the amount of 'stimulus' delivered to the economy. Well, we've had deficit spending of $459 billion in 2008, $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.4 trillion in 2011.

Yet despite that enormous deficit-spending stimulus, U.S. unemployment remains stuck at more than 9 percent and the recovery is very sluggish compared to prior recoveries."

"The reality is that Washington is very bad at trying to micromanage short-term economic performance. Its failed stimulus actions have just put the nation further into debt, which will harm our long-term prosperity."