All this means that if you get a conservative economist who isn’t a charlatan and crank, you are more or less by definition getting someone with no influence on policymakers. But that’s not the only problem.
The second problem with conservative economic thought is that even aside from its complete lack of policy influence, it’s in an advanced state of both intellectual and moral decadence – something that has been obvious for a while, but became utterly clear after the 2008 crisis.
Under Obama the deficit gets cut significantly. Then the “fiscally responsible” Republicans take over and then it skyrockets again. I don’t understand how they get away with this con job since it happens every single time.
Why do you head this article with a picture of Trump looking pained and concerned? He doesn’t give a shit how much he screws up this country and economy.
When Dems are in power, Repubs assail them as saddling debt on the backs of our youth and a burden to the economy. When Repubs are in power, debt and deficits create growth opportunities for all. I call BS.
Many economists believe that if deficits continue to rise and the national debt grows, government borrowing will “crowd out” private lending and force up interest rates.
When does “crowding out” occur? Economists think it happens when there are large deficits at a time of full employment and strong growth. That’s when the excessive government borrowing can discourage private investment and raise the cost of borrowing for consumers and businesses.
A real-world example of this would be China, where the economy is booming, yet lending rates are very high relative to the United States. In China, inefficient state-owned companies borrow heavily from state-owned banks.
“Small private companies are ‘crowded out’ from the Chinese credit market,” Behravesh said, suggesting that innovation and entrepreneurship associated with small business, both important ingredients for growth, are being held back.
(Emphasis mine.)
So, they “think it happens” tells me that they don’t really know, and that they don’t have any data to support the claim, despite the fact that the idea of crowding out has been economic dogma for at least 50 years now.
Also, the problem in China wasn’t “crowding out”. It was corruption and cronyism…
Solution? Eliminate Social Security for all except registered Republican voters!
Since we’re guaranteed to go there – the trial balloons have already started rising – let’s not forget about Medicaid and Medicare. Once everyone can get in-name-only insurance plans, which are at least good for a card, these programs will be redundant. Moreover, as the Republicans have been telling us for generations, we just can’t afford these ‘entitlements’ with the deficits that they’ve created.
Have you ever noticed how the Democrats warn people that ‘bad things will happen if…’, the Republicans run out and INSIST they are lying (over and over and over), the electorate for whatever reason buy their BS and when the bad things happen everyone including the MEDIA just shrugs and moves on…I keep posting and screaming but I’m only one voice…
