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Saturday, June 02, 2012

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A.I.

That is a really, really old joke and while economic growth/job creation has not been stellar during much of Obama's term, every indication is that his opponent's policies would make things even worse.

A.I.

For an excellent explanation of why austerity is not the answer to our economic woes, here is a link to KB's favorite economist (not) that I also offered up as a rebuttal to an earlier post: http://crooksandliars.com/blue-texan/paul-krugman-demolishes-couple-pro-aust

Donald Pay

KB says, "A deep recession ought to be followed by a robust recovery." Ought to? Howe? By magic? Where are you getting this stuff from? It takes concerted effort by government to recover robustly from a deep recession. Republicans have done everything they can to prevent a "robust recovery." It's really not surprising why we don't have one.

Ken Blanchard

Donald: sorry I went too fast for you again. I should have said that deep recessions are ordinarily followed by robust recoveries. I have pointed this out, with charts, on several occasions. See this one: http://southdakotapolitics.blogs.com/south_dakota_politics/2011/09/obamas-very-bad-no-good-jobs-record.html.

And yes, Donald, everything is the Republican's fault. You could try thinking about it, but why start now?

A.I.: let me get this straight. Spending a percentage of the GDP that is historically higher than average and going into debt at the tune of a trillion and half a year, is austerity! Wow. Can I be austere with my personal finances? Please? And yet... it somehow doesn't seem to be working.

Krugman is a partisan hack. He calls others nuts for saying things that he himself wrote in his economics textbook. He thinks we would be saved by a Martian invasion. If he were serious about his argument he would present a serious case instead of just going on talk shows. How much more would we need to borrow to kick start the economy? Three trillion a year? Fifty trillion? Is there any limit to our ability to borrow and who, pray tell, do we borrow it from? The Martians?

While understand your need to deflect the question, Obama has a terrible economic record. He has no serious proposals either to spend like a drunken Krugman or bring our fiscal house into order. You are hard up for heroes, my friend.

Donald Pay

Where do you get this stuff from? You obviously just make it up. In the post before this you were claiming we were in a global depression, and now you are saying that we had a deep recession that is ordinarily followed by robust recoveries. Uh, which is it?

Now check your charts, and ask yourself what's happened to the middle class during those years. Consider the effect that hollowing out the middle class has had on recoveries from any type of recession. Consider how income inequality and tax cutting has affected the ability of the middle class to spend, thus causing a "robust recovery."

You really need to get it together on this stuff because you can't even seem to read your own charts.

Ken Blanchard

Donald: I don't know what good it does trying to explain simple things to you, but I will try once again. Unlike a recession, a "depression" has no technical definition. I think it's a useful term nonetheless. Here is what I think it is: a recession that isn't followed by a recovery as the ordinary business cycle would lead you to expect. That is what we are in right now.

My chart shows that deep recessions are usually followed by robust recoveries. Shallow recessions result in much slower recoveries. We have just come out of a much deeper recession than was typical of the postwar economy, so one would expect an equally robust recovery. Instead, we are getting the very long curve typical of shallow recessions. Or at least, we hope we are. The recent economic news doesn't indicate that we are climbing out at all. That looks like a depression to me. You can call it what you want, but I have made nothing up and I have been consistent in my arguments.

Donald Pay

No. Your chart shows that before the Republican policies of offshoring jobs and hamstringing the middle class while shifting wealth to the top 1% recessions were short-term. But because the middle class has been hollowed out by Republican policies over the last 30 years, that part of the economy cannot drive the upturn. Also, you have to look at recession caused by financial evil-doing (again Republican caused) versus normal business cycle recessions. Your charts don't prove anything other than that you're totally ignorant about economics.

Ken Blanchard

Donald: one of us is indeed ignorant about economics, and pretty much everything else.

Vako

...Since I long ago lost hope that any of these freaks will acltaluy change US government institutions to be self-sustaining, the whole GOP vs. Dem thing leaves me cold. But even on that scale the "I'll make it work" technocrat from MA especially has me rolling my eyes.All that aside, is the Guardian proposing to increase the dividend tax rate from 15% to equivalent income tax rate levels? That's what we have here in NZ and look what it does for investment.Besides, Bill Clinton has made more than $100 million as a result of his political connections, as will Obama when he leaves office. In Guardian world that's apparently more respectable. Funnily enough it appears to be more respectable in Romney's eyes as well, since he won't or can't defend being a capitalist himself.Winning

Gabriel

It seems appropriate to me that the leedar of the Nation should have reached the top 1% of earners, ours has.I guess if you like the idea of being led by currency traders and corporate raiders/asset strippers it's appropriate, but the only things you can really be confident about with people like that are that they'll put their own interest first and regard you as a cheap, disposable item. It's not what I'd look for in someone to run the country.

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