Congressional Control as Important as White House | Richard W. Rahn | Cato Institute: Commentary

Congressional Control as Important as White House | Richard W. Rahn | Cato Institute: Commentary: "Again, it is obvious that big increases in government spending do not lead to higher growth rates and lower unemployment. To be considered valid, an economic model needs to be reasonably accurate in its predictions. The Keynesian models have failed this test time and time again over the past 100 years and, most recently, during the past four years. Unemployment was supposed to be less than 6 percent, but it is higher, at 7.9 percent, than it was when the president took office. (Note: The real unemployment rate is 14.6 percent because many have stopped looking for work.)

The Austrian and classical economists who have argued for lower spending and tax rates have proved again to be correct."