An Unquiet Voice

[F]or GDP and total employment to rise, it is private capital investment that must increase. Capital investment by government tends to either be wasted or, worse, to crowd out productive private investment. This is what happened in the U.S. in the 1930s, in Japan during the 1990s, and in all socialist nations at all times. If governments could invest efficiently and create good jobs, communism would have worked. — Louis R. Woodhill