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Quote of the Week

March 30, 2010

In an article fitly called “Economics for Dummies”, Fred Barnes introduces us to the new school of economic thought founded by Nancy Pelosi (also note the matching caricature):

Y ou probably missed it. But a new school of economics was unveiled last week shortly after health care reform passed the House of Representatives. Speaker Nancy Pelosi stepped to the podium in the House chamber and said the legislation will “unleash tremendous entrepreneurial power” and create millions of jobs. “Our economy needs something new, a jolt,” she said. And she and her Democratic colleagues had just delivered it.

Pelosi, author of the new departure in economic thinking, said we should now “imagine a society and an economy where a person could change jobs without losing health insurance, where they could be self-employed or start a small business.” With health care reform, “their entrepreneurial spirit will be unleashed.”

That’s not the half of it. While insuring 32 million more people, making insurance “more affordable for the middle class,” producing “a healthier America through prevention, through wellness and innovation,” and a whole lot more—in addition to all that, the legislation creates “4 million jobs in the life of the bill and [does] all that by saving the taxpayer $1.3 trillion.”

What you should keep in mind, though, is that

Pelosi is a faithful believer in the notion you can defy the laws of economic gravity and get more for less, once government steps in.

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