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Tuesday, June 21, 2011

Israeli Finance Minister on 'stimulus' programs

Israeli Finance Minister Yuval Steinitz had a very interesting quote yesterday, regarding "stimulus" programs. "Never sacrifice the future of your economy in order to save it in the present because you will kill both."

He further went on to say this: "If you give incentives or stimulus plans that are unsustainable for too long, they won’t work. On the contrary, if people realize that in two or three years [they] are going to pay for it, and recovery will be very slow because of this, this will be counterproductive."

It looks like those statements are playing out in the American post-Obama stimulus economy.