CD President Obama Joins the Cult of Economics Deniers 2011.08.15 - 0 views
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Obama is no longer paying attention to economists and economics in designing economic policy.
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Obama intends to focus on reducing government spending and cutting programs like social security and Medicare.
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Obama intends to ignore the path for getting the economy back to full employment that most economists advocate.
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interest rates did fall, it is difficult to believe that it would have much impact on either investment or consumption
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lower deficits in the present and/or near future will reduce fears that government spending will be crowding out private economic activity. This would lead to lower interest rates. Lower interest rates will provide a boost to investment and consumption. Also, lower interest rates in the United States will make dollar assets less attractive to investors. This will cause the dollar to decline against other currencies, improving our trade balance.
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no part of this story makes sense in the current economic environment. US interest rates are already at ridiculously low levels,
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keep the dollar from falling too much against their currencies no matter how low interest rates fall.
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unlikely that cutbacks in government spending will do much to lower the dollar and reduce the trade deficit.
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politicians who think that biology has no place in teaching the origins of species, we now have politicians who think that economics has no place in designing economic policy.
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Keynes's basic insights have been supported by a vast amount of economic research over the last seven decades. And we have solid evidence showing (pdf) that the limited stimulus pushed through by Obama in 2009 worked pretty much as predicted in generating growth and jobs.