Tuesday, November 29, 2011

Facts Matter

Mary Anastasia O'Grady with a fantastically ahistorical take on Mexico's response to the crisis:
In contrast to the U.S., PAN President Felipe Calderón rebuffed Keynesian proposals that Mexico increase deficit spending to counter the slump that followed the 2008 financial crisis. Mr. Peña Nieto concurs.
Personally, I think transferring domestic political disputes onto foreign terrain is a recipe for misunderstanding, as every nation's context and history are simply too important for easy equivalences, such as, the PRD is the Democratic Party of Mexico. Or, the stimulus was a bad idea in the US and therefore must be a bad one in Mexico. However, if you do want to engage in cross-border partisanship, facts, as ever, are important, and O'Grady's assertion is simply incorrect. Here's Calderón announcing his economic stimulus in January of 2009. Here's a rundown of the plan's provisions. Here's me thanking Calderón for the portion of it that reduced my gas bill. And, here's Enrique Peña Nieto, supposedly Calderón's partner in a fiscally conservative response to the crisis, endorsing his plan, with the reservation that it should not be used for electoral purposes.

In summary, there was a Keynesian response to Mexico's crisis, and the primary criticism of it was that it ran out of money and was cut short in the summer of 2009.

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