HUNDREDS of Economists do NOT agree that more government spending will help economy

KingCondanomation

KingCondanomation

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To combat this bizarre resurgence of long discredited Keynesian belief that more government spending helps an economy, hundreds of economists (including nobel laureates, not the single nobel laureate Keynesian like Paul Krugman who only even got his nobel prize based on his work on trade) signed a statement arguing for a 180 degree turn away from what Obama and the left want with more government and instead argue for a reversal of government spending, more tax cuts and less government in general.

View statement
http://cato.org/special/stimulus09/alternate_version.html

We are doing nothing but increasing government spending yet more than it already has increased while adding MASSIVE amount of debt to future generations and funding a huge amount of waste and lobbyists.
 
Yes, but 66,882,230 people in the US disagreed with those who do NOT agree. We have to deal with reality.
 
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KingCondanomation said:
To combat this bizarre resurgence of long discredited Keynesian belief that more government spending helps an economy, hundreds of economists (including nobel laureates, not the single nobel laureate Keynesian like Paul Krugman who only even got his nobel prize based on his work on trade) signed a statement arguing for a 180 degree turn away from what Obama and the left want with more government and instead argue for a reversal of government spending, more tax cuts and less government in general.

View statement
http://cato.org/special/stimulus09/alternate_version.html

We are doing nothing but increasing government spending yet more than it already has increased while adding MASSIVE amount of debt to future generations and funding a huge amount of waste and lobbyists.
Click to expand...


I see the knuckleheads the put this together hit their target audience.
 
There are also hundreds who do. There is huge disagreement about this, and no way to predict which approach would work. No historical model is applicable right now.

I am not an economist, by any means. Intuitively, the argument makes sense to me: consumer spending drives the American economy, and consumers are trending massively away from spending right now. It is a vicious cycle, because as they constrict, companies suffer, there are more layoffs, and consumers restrict even more. It makes sense to me that the gov't has to initiate spending right now, so that people are put back to work & regular consumer spending will follow.

Regardless, it doesn't matter. Your side lost, and the side that won is one that believes strongly that spending is the way out. Moreover, the bill includes plenty of tax cuts & breaks for businesses as part of a more comprehensive approach.
 
leaningright said:
Yes, but 66,882,230 people in the US disagreed. We have to deal with reality.
Click to expand...
Ah but it's moderates and independents who decide elections, MANY of which turned away from the Repubs precisely because they DID overspend.

Obama has a clear mandate to end the Iraq war, that's the biggest reason he is there over McCain. Beyond that (at least when it comes to issues) we are into guesswork for what his agenda should be.
 
KingCondanomation said:
Ah but it's moderates and independents who decide elections, MANY of which turned away from the Repubs precisely because they DID overspend.

Obama has a clear mandate to end the Iraq war, that's the biggest reason he is there over McCain. Beyond that (at least when it comes to issues) we are into guesswork for what his agenda should be.
Click to expand...

I don't think the democrats are into "guesswork" about Obama's agenda. I think they are very clear that they want to try "thier way" for a while in a lot of areas. For some of those areas (economy, war, etc.) I am happy to let them. For others, it scares me quite a bit. I will just sit on the sideline and see what happens.
 
the whole think sucks. dollars gonna tank in value again and then once this recession is over we are going to have some mass inflation.
 
The Bureau of Labor Statistics reveals that in 2006 there were 15,000 people employed as economists, excluding professors of economics who are counted as post-secondary teachers. Assuming just for giggles that Dano's HUNDREDS amount to 500 economists, that amounts to roughly 3% of all economists and that is excluding all economists that are teachers.

Setting bar a little low aren't we?
 
Onceler said:
There are also hundreds who do. There is huge disagreement about this, and no way to predict which approach would work. No historical model is applicable right now.

I am not an economist, by any means. Intuitively, the argument makes sense to me: consumer spending drives the American economy, and consumers are trending massively away from spending right now. It is a vicious cycle, because as they constrict, companies suffer, there are more layoffs, and consumers restrict even more. It makes sense to me that the gov't has to initiate spending right now, so that people are put back to work & regular consumer spending will follow.
Click to expand...
You know this is interesting because years back I encountered quite a few on the left who thought Americans were too material and buy too much shit, VERY common observation from lefties and you know, I don't agree with it but they had a point. Look at savings rates, look at an aging populace and the coming debt, you CANNOT substain an economy by propping up consumer spending. Personal AND state debt will eventually have to be dealt with.
Worse it is being substained in the worst possible manner with funding of bad mortgages, bad investments and bad choices really.

Onceler said:
Regardless, it doesn't matter. Your side lost, and the side that won is one that believes strongly that spending is the way out.
Click to expand...
Read what I wrote to leaningright. Remember MANY in the middle are pissed at Repubs for out of control government spending.

Onceler said:
Moreover, the bill includes plenty of tax cuts & breaks for businesses as part of a more comprehensive approach.
Click to expand...
True and that is good, but that's the minor part.
 
Dungheap said:
The Bureau of Labor Statistics reveals that in 2006 there were 15,000 people employed as economists, excluding professors of economics who are counted as post-secondary teachers. Assuming just for giggles that Dano's HUNDREDS amount to 500 economists, that amounts to roughly 3% of all economists and that is excluding all economists that are teachers.
Setting bar a little low aren't we?
Click to expand...
Not at all, as I said it includes nobel laureates and I wouldn't be surprised if Cato didn't bother approaching the weaker and more inexperienced economists simply because it could be used later as a strawman against them and it dilutes the power of the statement.
As well many might not have bothered to sign because they weren't aware of it, were not approached, could not be bothered, didn't want to ruffle feathers or lose funding from Obama or their university with taking a stance.
Do not make the mistake of assuming that those who are not on the statement are opposed to it.

Do you have a statement for those economists who came out publicly in FAVOR of Obama and Dems massive government spending surge?
So far I've seen Paul Krugman, the lefties favorite economist who got his nobel from trade work and previously one of the sole Keynesian dinosaurs still kicking around.
 
Jesus , Dude your Cato guys were dead wrong about so much already what makes you think anyone would turn to Cato members for advice?
 
KingCondanomation said:
To combat this bizarre resurgence of long discredited Keynesian belief that more government spending helps an economy, hundreds of economists (including nobel laureates, not the single nobel laureate Keynesian like Paul Krugman who only even got his nobel prize based on his work on trade) signed a statement arguing for a 180 degree turn away from what Obama and the left want with more government and instead argue for a reversal of government spending, more tax cuts and less government in general.

View statement
http://cato.org/special/stimulus09/alternate_version.html

We are doing nothing but increasing government spending yet more than it already has increased while adding MASSIVE amount of debt to future generations and funding a huge amount of waste and lobbyists.
Click to expand...

QUESTIONS: Why is deficit spending so vital an issue for republicans NOW when they never cared about it when they were in charge .. as they never cared about balanced budgets?

How many of these "hundreds of economists" agreed with Bush economic policies, like tax cuts while you're fighting two wars, then?
 
KingCondanomation said:
To combat this bizarre resurgence of long discredited Keynesian belief that more government spending helps an economy, hundreds of economists (including nobel laureates, not the single nobel laureate Keynesian like Paul Krugman who only even got his nobel prize based on his work on trade) signed a statement arguing for a 180 degree turn away from what Obama and the left want with more government and instead argue for a reversal of government spending, more tax cuts and less government in general.

View statement
http://cato.org/special/stimulus09/alternate_version.html

We are doing nothing but increasing government spending yet more than it already has increased while adding MASSIVE amount of debt to future generations and funding a huge amount of waste and lobbyists.
Click to expand...

You might help your case if you didn't site a right wing propaganda organization. It brings you're objectivity totaly into question.
 
KingCondanomation said:
Not at all, as I said it includes nobel laureates and I wouldn't be surprised if Cato didn't bother approaching the weaker and more inexperienced economists simply because it could be used later as a strawman against them and it dilutes the power of the statement.
As well many might not have bothered to sign because they weren't aware of it, were not approached, could not be bothered, didn't want to ruffle feathers or lose funding from Obama or their university with taking a stance.
Do not make the mistake of assuming that those who are not on the statement are opposed to it.

Do you have a statement for those economists who came out publicly in FAVOR of Obama and Dems massive government spending surge?
So far I've seen Paul Krugman, the lefties favorite economist who got his nobel from trade work and previously one of the sole Keynesian dinosaurs still kicking around.
Click to expand...



I am just pointing out that getting hundreds of economists to sign something isn't indicative of much of anything other than the fact that you get a small percentage of people in any profession to sign just about anything.
 
blackascoal said:
QUESTIONS: Why is deficit spending so vital an issue for republicans NOW when they never cared about it when they were in charge .. as they never cared about balanced budgets?

How many of these "hundreds of economists" agreed with Bush economic policies, like tax cuts while you're fighting two wars, then?
Click to expand...

That's correct. They also argued for eliminating paygo along with the Bush tax cuts. Boy, sure is a lot of credibility there! (/sarcasm)
 
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