WE ARE ALL SNAISNYEK NOW:

Toward A New Economic Consensus: Low tax rates and reduced spending are increasingly accepted economic wisdom. (Charles W. Kadlec, 01.03.11, Forbes)

Studies by professors from Harvard, Columbia, University of Chicago, University of Maryland, Stanford, University of California, UC Berkeley, the University of London and the London School of Economics now provide a growing body of empirical evidence in favor of the primacy of reducing tax rates combined with spending constraint to stimulate economic activity and increase employment.

If this consensus holds, it will mark a turning point in economic history every bit as important as what occurred in the 1930s. At that time, the classical economic consensus was that free markets are self-correcting and could be relied upon to restore employment and economic growth. As a consequence, the classical economists had no policy response to sustained high unemployment and idle factories of the Depression.