Asl Dr. Krugman about this zombie lie. He’s a real economist.
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Unlike Kudlow, AOC actually has a degree in economics, but any discussion of the subject w/ Kudlow would be pointless regardless: she is interested in policy and empirical reality among other things, he is only interested in ingratiating himself to power and selling the brand of snake oil that power approves.
“Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
― John Maynard Keynes
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Seems like the debate topics from when I was in high school in the 70s keep resurfacing.
This was one of the things we used to debate back then in relation to full employment.
There is actually an argument against the Phillips curve that comes from the left.
Leon Keyserling argued against the Phillips curve.
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If Kudlow, with his record, praised me for my views, I’d start to question my views.
I wish I could join in your sit down with AOC to “talk supply side economics” because I would torch your ass Mr. Kudlow on the subject Mr. Kudlow.
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He’s being a snotty repiglitard asshole.
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Rate cuts have zero to do with the state of the economy. Their sole purpose is to aid Trump in reelection. He and everyone else knows that this logical truth; if Donald Trump is not reelected, Donald Trump will go to prison.
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Now that’s more like it! Yay for AOC!
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Kudlow thought the discussion involved Oriole’s pitcher Evan Phillips’ curveball.
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!
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Which is that rich people know better what to do with money, so they should be given all of it. Everyone else can compete for crumbs. If you’re a stable genius, you won’t starve, but many will.
Another one of those funny little quirks in Republican “pro-life” anti-Bible values.
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“Supply Side Economics” long ago should have been added to the list of common oxymorons.
If Economics is to make any pretense of being a scientific field, even (more properly) quasi-scientific discipline, then Supply-Side should have gone out of use a long time ago. How many decades of dis-confirmation are required for a bad hypothesis to go away?
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It’s not bullshit. It’s readily apparent to anybody who reads the economic data. Unemployment is low and inflation is also low. That’s not supposed to happen according to classical models.
But AOC differs from Kudlow a lot about what this observation means. For AOC and leftists, the observation is a result of the fact that low unemployment isn’t meaning higher wages. And that’s the reality of the labor market these days. Wages have been stagnating for a long, long time.
For Kudlow and Trump, they just want interest rates to stay low because the last thing they want going into an election year is a Fed raising interest rates to fight inflation, esp. if said fears of inflation are overblown. There are few certainties in economics, but one of them is that raising the Fed lending rate will slow down the economy (and thus inflation).
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Yeah, well, AOC was hardly praising supply-side economics. She was merely making the ordinary observation that wages are not going up.
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OK, here goes:
Except for the Kain-tuck Cracker, Bitch McConnell, all the proud klansmen that served with JBiden are already bleeping dead. (and there ain’t nearly enough time to share with you my thoughts on the Bitch)
And good bleeping riddance to Eastland, Sparkman, et al !!
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“I’m hoping she and I can sit down to talk supply-side economics very soon,” Kudlow said.
Then she can explain to him:
- That lowering the Fed Funds rate is NOT supply-side economics;
- That his previous policy, a ridiculously large tax cut to billionaires, IS supply-side economics;
- That supply-side economics, as embodied by the tax cut he said would produce massive amounts of growth, did NOT work;
- That lowering the Fed Funds rate IS demand-side economics;
- That, contrary to everything supply-side economists have said for years, lowering the rate WILL work;
- That Trump knows this and that is why he is advocating demand-side stimulus NOW; and
- That the only possible reason Kudlow is now advocating demand-side stimulus (against everything he has ever said about it) is to curry favor with Trump.
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Kudlow probably couldn’t understand the economic point AOC was making, which is that low unemployment usually leads to higher wages creating higher demand which creates upward inflationary pressures. Wages haven’t risen commensurate with increased worker productivity and low unemployment. The gig economy and low wages put the lie to the Phliips Cureve which AOC cited.
Kudlow on the other hand, interpreted her remarks as focusing solely on low inflationary pressures. He completely ignored the fact that low unemployment is not pushing inflation up because wages are low. The reason that inflation is low is because workers don’t have enough disposable income to consume in the way that the Phillips Curve would suggest, given low unemployment. The reason is because wages are too low…
Kudlow is either an idiot or a mendacious fraud. Actually, he’s probably both.
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I would never stop laughing if AOC appeared on the news saying “Like most of Trump’s minions, Larry Kudlow is operating under the assumption that he has something to offer this country.”
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During an interview with “Fox & Friends” Thursday morning, Kudlow had nothing but nice things to say about the Democratic freshman after she challenged Federal Reserve Chair Jay Powell on the Phillips Curve — an economic theory that suggests that low unemployment pushes wages up faster and accelerates inflation as a result — during a congressional hearing Wednesday.
Somehow, i think that low unemployment and a strong economy and (gasp!) immigration are all connected. Take away this nations supply of available labor, and sure, you’re gonna get inflation.
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Jerome Powell cannot be trusted. He is an unthinking corrupt crook working at Fed to enrich the Trump Organization and its cronies with low cost loans.