Keynsian Spending Multiplier – Nooooooooo Bingo!

From the Wall Street Journal:

Each time past presidents have cut taxes–in the 1920s, ’60s and ’80s, as well as George W. Bush’s 2003 tax cuts (which generated $785 billion in additional tax receipts)–the economy has expanded. As Investors Business Daily noted earlier this year, former White House economist Greg Mankiw cited data showing that every new dollar spent by the government expands the economy from $1 to $1.40, but in a study of tax cuts going back to 1947, each $1 in tax cuts generated $3 in additional GDP.

Thanks to Matthew Martini for the link

Update:

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