The economy officially is slowing down, according to news reports, but it seems that journalists once again are confusing cause with effect: The spring activity had been boosted by the $168 billion economic stimulus program, but the economy ran into a wall in the summer as the mass mailings of stimulus checks ended and consumer confidence was shaken by the upheavals on global markets. Consumer spending, which accounts for two-thirds of the economy, dropped by the largest amount in 28 years in the third quarter. Unfortunately, this is not the only idiocy that appeared in this article: On Wednesday, the … Continue reading The Keynesian Legacy: Spend, Spend, Spend