Stimulus Working? More Evidence That It's Not

Writing in Investor's Business Daily, Robert Higgs documents the fact that private investment is drying up in the U.S. – and he explains why.  Here's a key selection:

Unfortunately, while private investment is the engine of economic growth, government spending (despite what generations of Keynesian economists have asserted) is the brake. To understand this negative relationship, we need only scrutinize how the federal government's spending is determined: namely, by political processes devoid...