econo-stupidity

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A recent Bloomberg poll mentions that "Americans are becoming more optimistic about the country's economic prospects by several different measures:"

President Barack Obama's handling of the economy is being seen more positively than negatively for the first time in more than five years, 49 percent to 46 percent--his best number in this poll since September 2009. [...]

Asked about the nation's direction, 31 percent said things are moving in the right direction, up from 24 percent in December. Thirty-four percent said the national economy will become stronger over the next year, while just 21 percent said it will get worse and 44 percent predicted the status quo. That's up from last June, when 30 percent said things were getting better.

Americans were also more optimistic about the prospects for job growth, the housing market, America's standing in the world, and even health care costs than when asked the same questions last June.

Despite this progress, Politicus USA laments the pervasive perversity of stupid people in large groups, as only "49 percent of Americans have a favorable opinion of President Obama's economic record:"

...overall the President's approval rating is positive in no small part due to a recovering economy that even Republicans cannot deny or take any credit for after spending six long years doing nothing. Those numbers are bad news for Republicans who continue claiming errantly that the economy is lagging regardless corporate profits are raging, unemployment is falling, GDP is up, the debt is falling, and the stock market continues setting new records.

Obviously the stupid 47 percent who want to solve the income gap issue by, as Republicans preach, "getting government out of the way" have spent an inordinate amount of time getting their economic policy solutions from Republicans and Fox News. They also apparently have a serious issue with reality because study after report after study after life experience has revealed that nationally and particularly in states where Republicans have "got government out of the way," economic growth is non-existent, job creation is lagging, people are getting poorer while the rich get richer, and deficits are exploding. Only a stupid person would think, even for a second, that adhering to Reagan-Republican policies founded on getting government out of the way that are proven to kill jobs, increase debt and deficits, and make the income gap wider is a valid solution for reducing the income gap that is destroying the middle class and sending more Americans into poverty.

In summary:

The only reason there is a destructive income gap in America is because for the past thirty years Republicans have been on a crusade to get government out of the way and it has created an environment that is conducive to corporate profits and increased wealth for the richest one percent at the expense of the rest of the population.

It's the kind of thinking that Paul Krugman slams as old-time economics, in which ideologues "reject those basic [economic] models in favor of alternative approaches that were innovative, exciting and completely wrong:"

They sought justifications for the harsh policies they were determined, for political and ideological reasons, to impose on debtor nations; they lionized economists, like Harvard's Alberto Alesina, Carmen Reinhart, and Kenneth Rogoff, who seemed to offer that justification. As it turned out, however, all that exciting new research was deeply flawed, one way or another. [...]

The point is that it's wrong to claim, as many do, that policy failed because economic theory didn't provide the guidance policy makers needed. In reality, theory provided excellent guidance, if only policy makers had been willing to listen. Unfortunately, they weren't.

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This page contains a single entry by cognitivedissident published on April 17, 2015 11:04 AM.

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