Philanthropist and gazillionaire Bill Gates showed that, like his father (who is associated with the far-left United for a Fair Economy), he knows almost nothing about economics.
In a speech Gates the Younger urged President-elect Obama and Congress to spend, spend, spend, in order to help the economy.
Economists and historians know this approach doesn’t work. It didn’t work when Herbert Hoover and Franklin Roosevelt tried it, and it won’t work now.
If the approach is tried yet again we may indeed end up in a new Great Depression.