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View Diary: Nobel Prize for Economics = neo-liberal swinefest UPDATED (197 comments)

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  •  What does it take to kill a failed ideology? (11+ / 0-)

    Neoliberal economic ideology is a reality-denying failure, but it continues onward because the powers-that-be feed it funding.

    People in the financial industry and the pollution industry have a vested interest in government deregulation (individuals do great for themselves from marginal short term gains even if the policies are disastrous long term).  So, it's no surprise that they will keep this zombie ideology alive by institutionally funding it.  It's sad that they drink their own kool-aid, but that's not surprising either.

    My question is broader, though...there have been plenty of well funded self-serving ideologies in the past--like the ideology of slavery in the US.  But it's possible for those failed ideologies to eventually die out.

    What's it going to take to kill this failed ideology?

    •  A lot, apparently. (9+ / 0-)
      What does it take to kill a failed ideology?
      Politico posted an article the other day about the resurrection of Art Laffer's career as the official "GOP Tax Man".
      Four decades ago at the Washington Hotel, a quirky economist made a pitch on the back of a napkin to Ford administration officials Dick Cheney and Donald Rumsfeld: Cutting taxes would create an economic boom.

      Back then, many Republicans opposed tax cuts, but that famous “Laffer curve” chart made young Arthur Laffer a conservative legend and spawned a generation of tax-cutting revolutionaries — while Laffer went on to make a fortune in the private sector...

      Now, Laffer is back. The 73-year-old helped Gov. Sam Brownback (R-Kan.) sell his tax reform idea to Kansas, pushed Republican Tennessee Gov. Bill Haslam to ditch the estate tax and gave momentum to North Carolina lawmakers desperate to slash rates. All told, Laffer has advised about a dozen GOP-run states on taxes in the past couple of years.

      Who would have guessed, say, fifteen years ago, that we'd be hearing from this twit again? If the economic disaster that was the Bush presidency didn't convince these fools that trickle down, supply-side economics is a joke, I don't know what could. But right-wingers still cling to these failed policies. They seem to feel a tremendous emotional attachment to their bad ideas and failed plans.

      As for rising inequality, many on the right don’t even think it’s a problem...Conservatives seem to believe that the rich will work harder if we give them more, and the poor will work harder if we give them less ~ E.J. Dionne

      by AuroraDawn on Thu Oct 17, 2013 at 05:20:27 AM PDT

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