John Stossel: "Give Me a Break!" on 20/20 Friday
On Friday (Mar. 13) ABC's "20/20" program will air John Stossel's special, "Bailouts and Bull," 10 p.m. ET. With the help of Drew Carey and Reason TV, they look at Big Government's promise to "fix" the economy and other bull:
The Conceit of the Ruling Class
Politicians and pundits say government must do "something." It sound like a Viagra ad: "Does your economy have performance issues? If it's hard to achieve and maintain growth, 'stimulus' is right for you!" But shouldn't "stimulus" come with a warning label? "Side effects may include hyper-inflation, dollar devaluation, horrible debt, growth of welfare state, and unrealized expectations. Stimulus has not been proven successful, so it should not be used in the hopes of achieving actual growth ..."
While politicians claim that "all" or a "consensus" of economists agree that something "big" must be done, more than 300 economists say that the government's action do more harm than good. John Stossel interviews some of the economists, calculates the amount the stimulus costs per taxpayer (about $16,000) and asks lawmakers: Where will you get the money? If too much debt was a problem, why is more debt now a solution?