Sponsored Content

Intermarkets' Privacy Policy

Donate to Ace of Spades HQ!

Recent Entries
Absent Friends
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info
Cutting The Cord And Email Security
Moron Meet-Ups

Claim: "Doing Fine" Was "Taken Out of Context" | Main | Politifact: Mitt Romney Claims Unemployment Fell to 4.7% During His Term. Official Government Data Says Unemployment Fell to 4.7% In His Term. We Rate Mitt Romney's Claim "Half True."
June 11, 2012

Horrible: American Family Net Worth Down 40% Since Depression; Lowest In 20 Years

It really, really was an enormous mistake-- not just in terms of politics, but in terms of human misery -- for Obama to treat the depression as a Check That Box affair.

Do something superficial and thoughtless so you can say you did something about it (the $870 billion stimulus that did not stimulate, and went chiefly to Democratic wish list items) so that when the recovery inevitably comes, you can claim credit.

This was a horrific thing, this depression. The fact of it cannot be laid at Obama's feet (although, along with virtually every government official in office from 2002-2008, he did nothing at all to stop it).

But the fact that he so badly misdiagnosed the disease can be.

Doctors receive urgently unwell patients in the emergency room. There are no healthy patients in the emergency room, after all.

Is it a doctor's fault that a patient comes to him in a critical state? No, of course not.

Is it the doctor's fault if he misdiagnoses the ailment and treats the entirely wrong illness, in entirely the wrong way? Yes, that is then the doctor's fault.

This depression was not a blow-off malady, to be bandaged up and and a course of pain-killers. There was -- is -- something fundamentally wrong with the economy.

Even at this late date, with the patient bleeding out, Doctor Obama recommends the same treatment: more money for state and local government, and of course federal government too.

Liberals often say that Republicans are being "treasonous" as regards the economy, as they know or should know that Keynesian stimulus is a conventional-wisdom consensus approach to a recession, or depression.

Even if that were the case (and note it can be argued that further government borrowing becomes far too costly when the level of government debt is undermining confidence), they always forget something: Keynes did not suggest government spending as a cure all. He suggested that the government run up a debt, pumping money counter-cyclically into the economy.

He suggested doing so through spending or general tax cuts.

They always forget about that "or general tax cuts" part of Keynes recommendation. They simply pretend that's not an option, or wasn't suggested by Keynes at all.

Given that Obama has so sharply increased spending, perhaps his mind should start wondering about that other possibility.

I don't know if Republicans would go along with a major temporary general tax cut to spur the economy -- I imagine they would, but Debt Hawks would surely see this as potentially dangerous.

But Obama hasn't suggested such a thing, the one sort of Keynesian stimulus Republicans could conceivably support. He just keeps insisting on more of the same, more of the cure that makes the patient worse. More money for Democratic Clients.

Obama likes to imagine himself as FDR, but FDR's slogan was "bold, relentless experimentation."

I don't see such "bold, relentless experimentation" from Obama. I see a man who keeps to his wooby, keeps to his comfort zone, keeps to his Political Safe Place, offering up the same stuff we've been doing since 2009.

digg this
posted by Ace at 03:49 PM

| Access Comments

Recent Comments
Krebs v Carnot: Epic Battle of the Cycling Stars (TM) [/b][/i][/s][/u]: "[i] Is Hamas represented at the UN? Posted by: C ..."

Blanco Basura - Z28.310 [/i] [/b] [/u] [/s]: "I guess some Dr's are against all the mRNA stuff: ..."

Krebs v Carnot: Epic Battle of the Cycling Stars (TM) [/b][/i][/s][/u]: "[i] Ryan O'Neal never has to say he's sorry now. ..."

Ciampino - guanidine-flavored for the win?: "Is Hamas represented at the UN? ..."

Braenyard: "An appeals court panel has ruled against a New Yor ..."

Ben Roethlisberger: "Now all flattened I presume? Posted by: Ciampino ..."

Ciampino - guanidine for the win?: "Has this thread run its course? ..."

Braenyard: "US vetoes UN resolution backed by many nations dem ..."

ghost of hallelujah: "[i] How the hell do you withdraw 1.7 million from ..."

Ciampino - guanidine for the win: "212 Besides, someone has to clean up all that guan ..."

Additional Blond Agent: ""Might their licking interfere with your gargling? ..."

Drive By redo: "He started to look like Shatner there toward the e ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64