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Great whitebread hope goes full voodoo

Kudlow, Laffer, Moore.

 

After all, anything is better than Krugman/Keynes (spit).

 

http://nymag.com/daily/intelligencer/2015/02/scott-walker-embraced-by-voodoo-economists.html

9 Replies
r3020
Senior Advisor

Re: Great whitebread hope goes full voodoo

Never work. The only way out is death panels and sales tax - Paul Krugman. We must look to Detroit for guidance.

Econosatan

http://www.nytimes.com/2015/02/20/opinion/paul-krugman-cranking-up-for-2016.html?rref=collection%2Fc...

 

"So what does it say about the current state of the G.O.P. that discussion of economic policy is now monopolized by people who have been wrong about everything, have learned nothing from the experience, and can’t even get their numbers straight?

The answer, I’d suggest, runs deeper than economic doctrine. Across the board, the modern American right seems to have abandoned the idea that there is an objective reality out there, even if it’s not what your prejudices say should be happening. What are you going to believe, right-wing doctrine or your own lying eyes? These days, the doctrine wins."

HortonGordelson
Senior Contributor

Re: Econosatan

in detroit 60 years ago last week detroit went bankrupt thanks to ...detroit-ruins009.jpg

Re: Econosatan

You guys are too easy.

 

Detroit didn't issue a soveriegn currency and Keynesianism didn't kill it.  Desegregation (something there for "conservatives') and resulting white flight,  the decline of the US auto industry and poor governance did.

 

And BTW, Coleman Young was a pretty decent and fiscally responsible mayor for a long time. The collapse didn't happen until late in the game when the long slide came to a head.

 

BA got on the Obama deficit high horse yesterday, proving the same. The biggest hole in our deficit position is from the severe drop in revenue following the financial collapse. That is the greater lesson of Greece, but nevermind.

 

If there's anything valid about Supply Side is that it is a form of Keynesianism- deficits helped the Reagan economy to an extent but the larger factor was that Volker took his foot off the economy's throat.

 

Tax cuts can produce a surge in revenue if it encouraged people to take income on assets at the new lower rates. But that typically runs for a year or two then evaporates. Kennedy's tax cuts (the origninal supply sider)  produced that flush but it fooled LBJ into thinking that he could fund a war and expansion of social programs simultaneously.

 

Re: Econosatan

Also, had the US gone full Brownback in the face of the financial crisis the deficit would be very much larger.  Might have killed the beast, anyway, but probably a lot of farmers, too, who enjoyed a very nice run 2008-. And paid a lot of taxes, or at least the UAW workers at the equipment plants did if they didn't.

 

I wonder if there are many Talibaners who go back to their mud huts and secretly yearn for the days when the King reigned and it was a relatively peaceful land.

 

That's probably unfair to the Taliban. It didn't go straight from Kingdom to Taliban- it went from Soviet inspired coup to Soviet invasion  to US backed mujahadeen to rule by warlords following the US desertion to Taliban (then to a US backed kleptocracy) and then back to something.

 

Probably similar to the indiginities suffer by Real Americans in recent decades. Can't get any worse- do something.

r3020
Senior Advisor

Re: Econosatan


@hardnox wrote:

You guys are too easy.

 

Detroit didn't issue a soveriegn currency and Keynesianism didn't kill it.  Desegregation (something there for "conservatives') and resulting white flight,  the decline of the US auto industry and poor governance did.

 

And BTW, Coleman Young was a pretty decent and fiscally responsible mayor for a long time. The collapse didn't happen until late in the game when the long slide came to a head.

 

BA got on the Obama deficit high horse yesterday, proving the same. The biggest hole in our deficit position is from the severe drop in revenue following the financial collapse. That is the greater lesson of Greece, but nevermind.

 

If there's anything valid about Supply Side is that it is a form of Keynesianism- deficits helped the Reagan economy to an extent but the larger factor was that Volker took his foot off the economy's throat.

 

Tax cuts can produce a surge in revenue if it encouraged people to take income on assets at the new lower rates. But that typically runs for a year or two then evaporates. Kennedy's tax cuts (the origninal supply sider)  produced that flush but it fooled LBJ into thinking that he could fund a war and expansion of social programs simultaneously.

 


What killed Detroit is liberalism. More and more bigger and bigger government with no thought for the future or how to sustain the long term spending.

Re: Econosatan

And BTW regarding Detroit, the Vampire Squid shows up in that story, as it does in Greece.

 

Good money to be made doing swap deals to kick the can a bit further or in the case of Greece, hide some debt. Although perhaps some of the blame falls on "investors" who didn't immediately dump Detroit's bonds or the EC bureacratic elite who charged forward for political purposes without looking under the hood.

 

End stage Detroit had nothing on Greece as far as political corruption goes.

 

It is in everyone's best interest to see if Syriza can actually create some political reform but the krauts say nein.

 

Is Brownback German?

Re: Econosatan

See Dr. K's comments that I quoted. I think that sums it up.

HortonGordelson
Senior Contributor

Re: Econosatan

I know Knox, I've listened to you guys twist it around a thousand times here.  Any issue can be twisted around, that's why successful attorneys are successful.  The foundation of an economy is to take a resource and add value to it and that usually involves labor.  Most of our manufacturing has gone to China .....what incentives would you offer to get that manufacturing back?  The profit motive?  Or the barrel of a gun?  Those are your alternatives, even China knows that.