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Jon Taplin on brain-dead economics

04 Feb

I can’t help thinking Jon Taplin, whose economics credentials are far better than my own, would be saying something very pertinent to Turnbull, Bishop and company. Take his latest post, Good News and Bad News. Jon is of course speaking of the USA.

What the Republicans who keep pressing for more tax cuts in the stimulus bill can’t wrap their heads around is that any savings in paychecks are going to be used to pay down debt and not create economic activity. About a year ago, when the Bush Administration proposed this same sort of tax rebate stimulus plan, I wrote that it wouldn’t work. It didn’t. And now they trot out the same bullshit?

The RNC’s new Chairman Michael Steele said yesterday,”Not in the history of mankind has the government ever created a job.” Maybe a little trip to Hoover Dam for Mr. Steele, Jim DeMint, Wolf Blitzer and the entire staff of Fox News might be instructive.

Why do the news media continue to even listen to the brain dead economics of these morons?

Isn’t Turnbull pretty much “trotting out the same bullshit” too?

I’ll be reading Jim Belshaw’s further thoughts carefully, mind, as he does have the virtue of not being especially partisan, even if he does have his own perspective and interests.

I really do wish they could all set aside the powerplays and politics on this one. I think we are owed that respect, don’t you, and doesn’t the situation warrant something better than what we are being given?

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4 responses to “Jon Taplin on brain-dead economics

  1. Neil

    February 4, 2009 at 6:35 pm

     
  2. Benjamin Solah

    February 4, 2009 at 7:49 pm

    Interesting quote from The Herald today,

    “MARX was right,” crowed the banner unfurled outside Parliament House yesterday by a group called Socialist Alternative. “Capitalism doesn’t work.”

    😉

     
  3. Martin

    February 5, 2009 at 3:01 pm

    On the other hand, the fairly well-respected commentator on Lateline last night (Wednesday) approved of a tax cut, potentially, as well as good infrastructure spending but seemed to approve a bit less (due to their relatively unusual nature, psychologically, I gathered) the hand-out credit. I think all can reasonably be included in any stimulus.

    The plus to the action of the Opposition in asserting their legislative rights is that they are effectively downplaying the urgency, which the Government (maybe with the complicity of some of the media) seems to be up-playing.

     
  4. Benjamin Solah

    February 5, 2009 at 3:06 pm

    Up-playing the urgency? That’s what the bloody media and economists in the US said all of last year because they announced recently that the country had been in recession for a year. Turnbull is a nobody, causing chaos so people notice him. The media have been shocking in Australia. One guy told us all to stop worrying, that capitalism works in a boom and bust cycle and if we stick through it, we’ll boom again. Are unemployed parents meant to tell their kids to not worry about starving for a few years because they’ll get extra food later?!

     
 
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