A fascinating discussion. Valerie Ramey's analysis of unemployment rates and government spending during the Second World War, and her conclusion that conscription is the most efficient way to lower unemployment was insightful. She also provides good analysis of health care reform, and I love her idea of providing incentives to create the best health care system. We get a nice contrast between private sector and public sector spending between Uhlig and Krugman, if you can palate the latter's arrogance. Uhlig has the weakest argument out of the four and provides the least support. All of the panelists are swift to point to lack of the counterfactual.