DEFINITION OF BI-PARTISANSHIP: INFLUENCE THE LEGISLATION, THEN DON'T VOTE FOR IT, AFTERALL
The regional Republican critique of the "stimulus" makes one laugh, even if CNN thinks it is newsworthy (you could print almost anything on Politico and they would cover it).
Still, as the polls show, you do not have to be right or truthful to be popular. Their disinformation machine is formidable, yes?
PARTY OF NO IDEAS AND BAD IDEAS
Remember when we were told (sold?) we would need tax cuts (except on gasoline...the Pigou Club never disbanded), because that was all that was available to be timely?
Well, more data is in that suggests that you cannot induce job creation through tax cuts, in the short term, either.
Regarding Krugman's wingflapping, I have to say that it appears that his argument has already lost inside D.C. From afar, it looks like Geithner and the Congress have accepted a quasi-policy of hope, as did Japan. I believe this when I hear phrases like "we are past the peak of foreclosure activity". I have less confidence, today, that so much signals a floor to asset valutions ...
It's not we haven't learned from history. It's that there are forces interested in not having a dispositive test of what we learned in the historical record, like a stimulus without massive tax cuts, for instance, something purely demand-side.
What's more, we are political victims of our own stabilization. The political will to take the bold decisions necessary isn't there because we have unemployment insurance, this time around.
Friday, July 3, 2009
Jobs, Jobs, Jobs
