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View Diary: Jack Lew and the premature descent from heaven: A tale of the American nomenklatura (89 comments)

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  •  Keynesian economics? (10+ / 0-)

    This administration's policy is Hooverism with a thin sprinkling of tax raises on the rich to make it palatable to the electorate. It's about as far from Keynes as you can get.

    They are proposing to cut the budget in the midst of an economic crisis, and to cut the New Deal programs that were partly intended to help protect Americans against the impact of another Great Depression. It's like they want to go back to 1930.

    Have you noticed that in every single speech about the budget Obama insists that we've done no more than make a good start to deficit reduction, that we need to cut more? At a time of high unemployment!

    We have another Herbert Hoover in the WH, except people don't realize it because a) he's an amazing rhetorician and b) he belongs to a historically oppressed ethnic minority, so people assume he must be enlightened and progressive.

    Nothing of the kind! His economic policy is deeply reactionary.

    "In America, the law is king." --Thomas Paine

    by limpidglass on Sun Jan 20, 2013 at 11:27:41 AM PST

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    •  Yep. Hooverism aka Reaganomics. (3+ / 0-)
      Recommended by:
      xaxnar, PrahaPartizan, Chi

      Obama admin appoints neo-liberals to key economic posts.
      Reaganomics has been very good to them personally.
      Maybe they believe it's going to eventually work for the economy at large.  It won't.  30 years proves that.

      Carlos Fuentes explains how well it worked out in Latin America in "A New Time for Mexico":

      " Throughout the nineteenth century, Latin America followed the precepts of laissez-faire and the magic of the market… Powerful economic elites emerged from Mexico to Argentina. The hope was that the wealth accumulated at the top would sooner or later find its way down to the bottom. This did not happen. It has never happened. Instead, the wealth generated at the working base found its way to the top and stayed there.”

      Reaganomics in a nutshell.

      We need Keynesian economics, stimulus, not austerity.

    •  Hoover would never have proposed a stimulus (1+ / 0-)
      Recommended by:
      FG

      package like the one Obama promoted that was partially approved by Congress. The reasons that there hasn't been more has been

      1) Republican obstructionism, and
      2) Other goals, like health care and re-regulation of the financial sector, both of which were enacted

      The main reason that there hasn't been another Keynesian stimulus package is really because WE didn't turn out the vote in the 2010 general election, and the Rethugs took control of the House.

      •  All may very well have been the case (0+ / 0-)

        But what's needed is beyond Keynes

        e MMT unum
        Until progressives understand MMT, we stand no chance of convincing teaching anyone else, or accomplishing anything, anywhere, anytime.

        The only excuse at this point is that even Krugman doesn't really understand -- though he's making some incremental progress recently.

        United We Understand

        by dorkenergy on Mon Jan 21, 2013 at 06:38:22 PM PST

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