By Phil Kerpen

Published September 09, 2010 | FoxNews.com

The abject failure of Obama demand-side approach to stimulus is evident. Shoveling hundreds of billions of dollars out the door as quickly as possible has both theoretical (see Robert Barro’s analysis of the stimulus effect of government spending) and practical problems (see Sen. Tom Coburn’s list of outrageous projects that have been funded in the mad dash to push out cash.)

But more than that it’s been tried and failed. If government spending could make us rich, the 1930s would have been the Roaring 30s instead of the Great Depression. Japan’s “lost decade” of the 1990s would have been a golden age. And our own economy wouldn’t be mired in an extremely weak recovery with elevated unemployment.

So the demand-side approach has failed. Even Obama kind of gets it.

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