Having adopted the policies of Keynes in response to a calamitous recession, the United States has grown more than twice as fast during the past three years as Britain, which adopted the economics of Hoover (and Paul Ryan).
James Gordon's insight:
Any decent economics textbook will tell you that, other things being equal, cutting government spending causes the economy’s overall output to fall, tax revenues to decrease, and spending on benefits to increase. Almost invariably, the end result is slower growth (or a recession) and high budget deficits.
It's been a surprisingly good week for shareholders of Canada's big five banks, which reported higher profits and boosted dividends, showing their long-term outlooks remain positive despite pressures on their bottom lines.
Members of the Tar Sands Blockade have revealed that they have photographic evidence showing faulty welds inside a mile-long segment of the Keystone XL pipeline currently under construction near Winona, East Texas.
The NDP's natural resources critic claims the government is trying to shut him up when it comes to questioning federal bureaucrats at the joint review panel looking into Enbridge's Northern Gateway pipeline proposal.