By John Tamny RealClearMarkets
Hoping to get his economic stimulus plan passed, President Obama has warned Americans that “If we don’t move swiftly to put this plan in motion, our economic crisis could become a national catastrophe.” Translated, bread lines are in our future absent help from Washington.
The problem here is that what Obama assumes is a logical impossibility. Economies, despite protests otherwise from economic thinkers on both sides of the political spectrum, never recess on their own. More realistically, if left alone, economies can only grow. That is the case because productive work effort is what constitutes economic growth, and given the human need for food and shelter, people will always work in order to insure the existence of both.
