Blog on the Run: Reloaded

Wednesday, April 25, 2012 6:40 pm

We tried it your way. Again. It didn’t work. Again.

Filed under: I want my money back. — Lex @ 6:40 pm

Everyone in America who has been screaming about OMGZ Teh_Deficit!!11! needs to sit down and shut up now.

As I and a lot of economists, some of them Nobel laureates, have been pointing out, America’s biggest problem NOW is not the deficit. It is lack of consumer demand, which is caused by joblessness. Deep, extended joblessness. In such an environment, cutting deficits, particularly by cutting spending, is only going to make matters worse.

Don’t believe me? Fine. Look at Britain, where they tried this asinine stunt and now find themselves not only still plagued with high unemployment but also officially in a double-dip recession.

(Helpful graphic from New York Times)

We. Need. Jobs. We. Need. Stimulus.

Our deficit problem is primarily a problem with our health-care system, the world’s most expensive and among its most wasteful, and the ’01 and ’03 Bush tax cuts. We fix those problems, we’ve got surpluses as far as the eye can see.


1 Comment »

  1. But Mr. Lex, $7T of private liquidity is sitting it out, afraid to risk it in the markets. If you’re saying Reagan was wrong about voodoo economics, you may as well say Jesus was a rug muncher.

    Seriously, the social retards can’t get their heads around the idea that government finances aren’t the same as the family checkbook. Lower taxes and less spending is so engrained in their little psyches that they’re free to concentrate on wedge issues like gays and the unmarried.

    I actually work for a company which thinks the answer to their problems is to hire employees at minimum wage and give them very few hours. When the customers show up, there’s no one to greet them. Same principle.

    Comment by Fec — Wednesday, April 25, 2012 8:57 pm @ 8:57 pm | Reply

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