Institute for Public Accuracy

  • 10:27:59 pm on January 27, 2010 | 0

    No, small business is not the engine of job growth. This is pure mythmaking with no basis in fact. It feels good to say it though, doesn’t it? It’s a nice way to legitimate the rule of private capital.

    And community banks aren’t so great at lending to small businesses, either (someone tell Arianna Huffington!). They lend to bigger banks and buy securities with a lot of their assets—there just aren’t enough opportunities in their backyards to lend profitably.

    Could we stop making policy on fantasy? Of course not, what a silly question I just asked.

    High-speed rail and green jobs and all that will take much bigger public funding and much more headcracking and armtwisting by the state than Obama is interested in or Congress would ever approve. More phantasmic policymaking.

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