Rhode Irish
Semi-retired
- Messages
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I'm sorry, you wrote "credentialed" but you meant "Keynsian" economists.
Economists agree that TARP was necessary, however the stimulus is widely accepted as a complete waste of money, even by Obama.
Obama: Shovel Ready jobs not shovel ready - YouTube
Yuck it up. Good sense of humor on that POS-POTUS.
The counter for "austerity" being toxic is to ask why we don't just send every man woman and child a check for $100,000. Debts don't matter right? Spending is where it is at so put tons of money in the hands of Americans so we can consume our way out of this. You are smart enough, Rhode, that I don't have to explain the fallacy of this current course.
Obviously there has to be a solution that is in some parts reduction in spending and some parts generation of revenue. I don't think spending recklessly is the answer. Instead, put the money you do spend to uses that are most likely to get stimulate economic growth.
I like parts of the Simpson/Bowles plan, which eliminates government expenditures through the tax code and applies the savings equally to paying down the deficit and lowering marginal tax rates. Simpson/Bowles also generates revenue and broadens the tax base by treating capital gains as ordinary gains. My only disagreement with Simpson/Bowles is that I would prefer to make the income tax more progressive than they suggest by not reducing the marginal rate for the wealthiest taxpayers, then using the additional revenue generated to fund infrastructure repairs that are badly needed both in their own right and in order to provide more employment opportunities for the working class.