Creating demand versus time-shifting demand  I have two really
bad habits: an interest in global politics and economics. Given
the global economic downturn, there's been plenty to read about
in both areas.  Recently, I've found an interesting subject in
the debate over the 'Cash for Clunkers' program in the United
States that has encouraged consumers to trade in their gas
guzzling automobiles for more fuel efficient ones. Depending on
who you listen to, 'Cash for Clunkers' is an example of
Keynesian economics working wonders or it's a wasteful,
inefficient government program whose true benefits are
overestimated.  In the debate, skeptics frequently make an
important point: 'Cash for Clunkers' is merely shifting future
demand for new automobiles to today, not stimulating new demand.
If one believes this to be a valid argument, which I do, the
implication is obvious: the program isn't stimulating new auto
sales, it's 'borrowing' them from the future.  While this point
seems lost on many, the idea that demand ca