Tag Archive: Keynesian economics

Obama, Man of Contradictions

Last week, Alex put up a good takedown of the talking points from Obama’s State of Union Monarchial Address. But I’ve thinking about it for a week and there’s one thing I keep circling back to:

Almost everything that Obama claims credit for has come from policies he opposed.

A list of the things that Obama is claiming credit for it too long for a blog post since I’m pretty sure he’s now claiming credit … Read more

A Recovery About Nothing

As you know, there are signs — tentative ones — that our economy is beginning to recover from Great Depression II. It’s about on schedule — I thought we would need about five years to crawl out of the hole we were in. But we had 5% growth in Q3 and unemployment continues to edge down (although the U6 remains high). Projections for 2015 are cautiously optimistic, barring a major war or something (which, with … Read more

The Costs of Austerity

Federal spending has now been flat for several years. Discretionary spending has been cut. Quantitative easing has been ended. According to every Keynesian on the planet, we should be a in a recession right now.

Oops.… Read more

The Fantasies of Government

I found this story amusing, but not for the reasons Vox intended. In 1939, Franklin Roosevelt moved Thanksgiving back a week in the calendar. Vox goes into the culture war that erupted but I was more interested in his motivation for doing so:

Since the late 19th century, Thanksgiving had traditionally been celebrated on the final Thursday in November. But in 1939, Roosevelt’s seventh year in office, that last Thursday fell on November 30. And

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The Latest From the Keynesian Front

A couple of years ago, Japan’s Prime Minister Shinzo Abe instituted a program that made Keynesians everywhere wer their pants with joy. Abenomic consisted of fiscal stimulus (i.e., spending), quantitative easement (aka inflation) and structural reform. The result?

Japan is now in a recession. Oh, and their debt is up 230% of the GDP.

Now doubtless the Keynesians will have explanations for it. Keynesianism can never fail; it can only be failed. The Hoover … Read more

Numbers and Narrative

Two economic numbers have come out in the last few days. The first was that the economy grew at an “unexpected” 2.8% rate in the third quarter. The second was that October jobs came in at 204,000, which is almost … not unhealthy? 60,000 jobs were added to previous months. U-6 was up a bit but is still several point down from its peak and labor force participation continues to fall.

Caveat time: even … Read more

Bush the Keynesian

Veronique de Rugy:

I don’t quite agree with de Rugy here on the efficacy of the later Bush tax cuts, but I think she’s more or less on the money. The Keynesians have yet to explain why the biggest spending President in American history (so far) who ran up the biggest debts (until Obama) and slathered the nation with demand-side tax cuts failed to produce an unending economic boom.

We can’t pretend that Obamanomics started … Read more

Feelin’ Fine

OK. So yesterday, Obama said this in an economy speech. I’ll give the entire quote so you don’t think it’s out of context:

We’ve created 4.3 million jobs over the past 27 months. The private sector is doing fine. Where we’re seeing problems is with state and local government, often with cuts initiated by governors or mayors who are not getting the kind of help they’re accustomed to from the federal government.

(Aside before I … Read more

Argentina and Japan

Wasn’t it just like a week ago that Paul “Wrong Way” Krugman was praising Argentina? And wasn’t it this week that he gushed over Japan’s growth, stimulated by tsunami reconstruction?

Oops:

Recently, two more countries have felt the bite of Keynesianism. Today, the credit ratings agency Fitch downgraded Japan’s economy and the AP reported that the Argentinian economy is likely to decline sharply. While Japan and Argentina might be different kinds of economies

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The Deception of a Liberal

Read this. Then read this. The first is Paul Krugman praising Argentina’s “economic model” of plundering, theft and deception, claiming its performance has been comparable to Brazil’s. The second is Juan Carlos Hidalgo’s response pointing out that Krugman (1) uses Argentina’s official inflation numbers, which economic journals have stopped using because they are transparent lies; (2) starts his analysis two years after Argentina’s recession began; (3) compares Argentina with a relatively poorly-performing country … Read more

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