laliberty:

Merely repeating what we already knew:

Keynesianism is the ascendant belief system of the state-managed economy. Because it is an orthodoxy rather than a thesis derived from evidence, Keynesian stimulus is not falsifiable, but it has recently been put to a trillion-dollar public experiment: 

After the $700 billion Troubled Asset Relief Program and many lesser stimuli of the Bush years, such as the $400 billion Federal Housing Finance Regulatory Reform Act of June 2008, the incoming Obama Administration in 2009 proposed the $750 billion American Recovery and Reinvestment Act (ARRA). While the ARRA was being debated, administration economists warned that if the stimulus were not adopted, U-3 unemployment would peak above 8 percent and would today be above 6 percent. …

Also, we’re only counting Treasury expenditures, not the Federal Reserve’s compulsive monetary expansion, which dwarfs those efforts. In any event, the stimulus experiment was conducted in broad daylight and we can now assess the result: Unemployment peaked (so far) above 10 percent. It is now above 8 percent and rising. The outcome with the stimulus is worse than the counterfactual without the stimulus. 

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   And we all know this understates true unemployment since they have been fiddling with the numbers like no other...

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