From the Center for Freedom and Prosperity Foundation.
In less than four minutes, Dan Mitchell of the Cato Institute reviews the theory and history of Keynesian policies, and demonstrates that more government spending does not spur economic growth. The video is very timely since government spending has increased dramatically under Bush and now Obama wants to add another $800-billion plus of debt to finance even more spending.
A longer version is available by clicking here.
Citizens of Wichita learned this lesson that big government spending BIG money does not spur private development.
The city’s county commissioners, hired guns and special interest gang said that if we would spend 1/2 billion dollars to build the white elephant, albatross no-purpose downtown arena, “they” would come. They predicted scads of new development around the downtown arena site.
Now we know the truth. It was what the taxpayers predicted: no development and many companies in the vicinity of the arena have fled so they don’t have to battle the urban problems caused by the arena.
In addition, the white elephant arena has probably destroyed the use of the historic Wichita Union Railroad Station for use as a RAILROAD STATION FOR AMTRAK because the arena site was needed for Amtrak passenger parking.
Oh, well, many of the arena cheerleaders have now left town leaving Wichita taxpayers holding the bag for 1/2 billion wasted tax dollars.