Home > Economics, Politics > “The older I get, the more life starts to make sense, and the less I care.”

“The older I get, the more life starts to make sense, and the less I care.”

I haven’t really felt like delving into politics lately (because I have nothing to say? it is pointless? disgusting?) but I guess I have some random thoughts about things that someone might find interesting.

Rick Perry: the American public has a tendency to attribute exogenously created success or failure to the “guidance” of executive “decision making”. Giving Perry credit for Texas job growth is like giving a witch doctor credit for making it rain. I am not saying that jobs were created in spite of Perry, just that the man knows nothing substantial about how to create jobs in a demand-constrained economy with excess production capacity. The republican mantra of “low taxes” is sound advice, like a doctor telling you to eat well and exercise, but it isn’t going to help you out once you’ve contracted the ebola virus; more dramatic action is needed.

Taxes and the Deficit: the media continues to repeatedly confuse the relationship between public debt, the fiscal deficit, and taxes. This has been my bugaboo for a while, but it still confounds me how often “the experts” seem to get it wrong. This relates to my other hypothesis/pet peeve, which is that 99% of elected officials know essentially nothing about the modern economy. I think this is probably a failure of the education system, and I am sure the problem extends to people who aren’t public officials. The gist of my point is that you can’t have an honest discussion about the economy without any real understanding of it. It would be like trying to put a man on Mars while maintaining that the sun rotates around the Earth.

Ben Bernanke: to Milton Friedman on Friedman’s 90th birthday: “Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” Bernanke said this in 2002. Maybe he has forgotten? This weekend seemed to indicate that The Fed is unwilling to embrace its dual mandate of price stability and full employment. I can not imagine that the reason why is anything but political.

 

 

“The older I get, the more life starts to make sense, and the less I care.”

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Categories: Economics, Politics
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