“I should point out, when you talk about the SNAP program or the food stamp program, you have to recognize that it’s also an economic stimulus. Every dollar of SNAP benefits generates $1.84 in the economy in terms of economic activity.”
Hard to believe an otherwise allegedly educated person would claim this. Using this logic, the economy should be absolutely booming. But we also have Nobel prize (economics, if you can believe it) winners claiming that WWII got us out of the depression, and that an alien invasion would be a stimulus, so who knows?
[UPDATES: 08.17.2011 5:30pm => Take a look at this post on stimulus as a concept. And give a listen to this podcast with economist Dr. Robert Higgs. And finally, the folks at Wizbang link to a wonderful Milton Friedman video.]