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View Diary: Fiscal cliff: Who will be Wily Coyote and who will be the speeding truck? (with poll) (11 comments)

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  •  There is no cliff. (3+ / 0-)

    The fiscal cliff is a manufactured crisis, engineered by a Congress which aims to impose distress on the American people to show them who's the boss.

    Imagine a steward who comes to his master and explains there is nothing left in the cupboard because he's doled all the resources out to his friends. The biblical parable actually explains what is to be done in such a case. The steward has to be fired.
    When there are many stewards acting in concert, it's harder, as we just discovered.

    Now imagine a steward who claims to have run out of something he can produce, like his speech, without limit. Is he to be believed?  No.
    But, don't take my word for it, listen to the experts.

    Why would our representatives perpetuate a lie? Because it gives them power.  Why does the President go along?  Because he is, literally, at their mercy. The executive can only manage those resources, both material and symbolic, the Congress authorizes him to use. When Congress chooses to deprive, rather than provide, it is being abusive and, whenever there's a victim of abuse, even when it is the executive arm of the U.S. government, it requires an intervention from outside. In this case, that intervention has to come from the American people.  After all, we're the ones that hired the Capitol Hill Gang.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Fri Nov 09, 2012 at 06:45:14 AM PST

    •  Fabulous comment (1+ / 0-)
      Recommended by:

      Wish I had thought to include "There is no cliff" in the poll.  

      Well said.

    •  There is no cliff (0+ / 0-)

      The Economist a few issues back (Oct 13th) had a book review about the Austrian School of Economics - Neoliberals that is a good quick summary of the problem.

      The problem is that Popper, Hayek, Mises and Friedman have become accepted Economic theory to the right.

      Economics is called the "Dismal Science" for a reason, and one part of that is that it's very hard to create test cases for the theories - so "reality" becomes the test cases.

      So now we've had decades of the test case of supply side economics and trickle down since 1980 and the start of "Voodoo Economics" and lower taxes and Laffer curve and all that stuff. Robert  Reich just had an interview in the last day or so on this very subject.

      So I'm not an economist but I guess if I was I'd be a Krugman keynesian. Starting to debunk the underpinnings of the right as far as economics go is the start. And When Bohener starts the claptrap about "Low taxes mean more jobs" refute that - we've had 40 years to show that's not how jobs get created.

      So yes, the "Cliff" is a construct of the right - yes, there will be a small contraction. The very fact that if it shows that the cliff was a figment of imagination will start the dialog that maybe the whole underlying assumptions by the right of how economics works is wrong.

      But this does mean that the Middle class tax temporary relief is desirable but the wealthy tax cut is not - it's not all or nothing, because some tax cuts help IF they stimulate consumption, and those that don't, don't. That's basic Paul Krugman

      Without geometry, life is pointless. And blues harmonica players suck.

      by blindcynic on Fri Nov 09, 2012 at 10:52:12 AM PST

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