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August 10, 2011

The Third Day. [ArthurK]

Here's some quotes from Ace today.

PPP: Democrats Have 7 Point Advantage In Generic Congressional Ballot; Blogger Opines They'd Win House If Elections Were Held Today


I suppose I do believe it, but it's unbelievable. The public claims they understand we cannot rack up more trillions in unpayable debt, but resists any effort to cut spending.

I think they're right. And while this is a Democrat versus Republican issue, it's mostly an ignorance versus information issue.

The public is largely ignorant and prefers to remain so. They are confronted with two unpalatable, but necessary, choices -- A. high, stagnating, wealth-diminishing European socialist tax rates, or B. reductions in the welfare state, especially to middle class and higher income earners (and yes, many oldsters are quite rich), and they insist they want C., which is a continuation of ruinous levels of spending, but no taxes that touch their own wallets, oh, and also, they want the debt reduced.

That is my problem. That as a nation, a large number of us seem to be not only disconnected, and not only unserious, but addicted to indulgence in fantasy.

21% say it's on the right track.

Who the hell are these people?

But every time you think the public gets it...

Americans held mixed views on the best way to stimulate economic growth. Cutting spending, 49 percent, and taxing the wealthy, 46 percent, came highest, followed by investment in infrastructure, 34 percent.

But the public will continue caterwauling about foreign aid, waste and abuse, and "taxing the rich."

Feb 19th 2009 (Santelli's Rant) to Nov 2010 Elections = Day One.

Some people notice, get pissed, effect some change.

Lame Duck Session of 2010 to Debt Ceiling Deal = Day Two.

Some stuff blocked, not much accomplished. That group from the previous day begin to realize just how much work needs to be done. "We're gonna need a bigger boat". (Bigger Boat = more voters.)

I'm guessing that prior to Obama's inauguration most Americans have given very little thought to stuff like Hayek, Keynes and Macroeconomic Theory. Since things have been working out more-or-less for the better from 1776 to 2008 they've gone along with the elected leaders who've said, "We know what we're doing. Here's your entitlement check".

An economic crisis AND a severe recession brought new leadership to the White House in 2009. He said, "I know what I'm doing. Here's your stimulus check". Now, in the Summer of Obama, more people are beginning to notice - "Hey, this stuff isn't working out" They're not sure why. The vast majority of them have never even heard of Hayek, Road to Serfdom, Keynes, the Multiplier. They do hear the media saying those extreme Tea Party types want to burn everything down. It's not surprising that a good number don't know what to think and, conservatively, suspect the new thing (tea party) is to blame.

Your job is to correct that. Instead of saying "Obama Sucks" you should be familiar with how the Rule of Law was discarded during the Chrysler bankruptcy when the senior bondholders were screwed over in favor of the unions. And how things like that cause uncertainty for businessmen resulting in them holding on to that 2 trillion dollar cash stockpile. Or how the Grand Bargain Reagan struck during the 1980s that would deliver 3 dollars in spending cuts for each dollar of new taxes vanished like a mirage - which explains why current congressional Republicans are so adamant in their opposition to tax hikes. Explain why govt. is inherently inefficient* and limiting it allows it to do less damage. Know just how much money is actually spent on Foreign Aid. Have the numbers to show that if you not only taxed the rich but took all their money it still wouldn't solve the problem.

*(guys spending other people's money on things that don't concern them. for example)

If the number of economically aware voters stays like it is now all we'll be able to do - at best! - is fight a delaying action. I want to save America, not stretch out the decline!

It's ok to complain that the media is biased and rarely informs the public about economic reality. But I don't know how to change the media. But I can talk to One Person.

We don't need to convince every American. Not only is that hopeless there are a substantial number that want current policies continued. We need to reach enough people who never used to give a damn about economics that it matters and that current leadership Is Doing It Wrong.

It's Day Three. Up and at 'em!

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posted by Open Blogger at 06:13 PM

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