Wednesday, June 17, 2009
Obama's economic policies embrace the worst elements of both the Democrats and the Republicans
Obama is not a Democrat when it comes to his economic policies. Nor is he a Republican. He is worse than both because he has embraced the worst elements of each party.
From the Democrats he takes the bad idea of income distribution supported achieved by taxation, but he leaves out broad spending, which would help to support aggregate demand and create jobs.
From the Republican side he takes the bad and inapplicable idea of fiscal conservatism and "hard money." These ideas are based on a gold standard, which we are no longer on. But then he leaves out tax cuts--even payroll tax cuts--which would have helped the working class.
This guy is the worst. His advisors are the worst. His cabinet is the worst. If he lasts more than one term and if our economy is not in ruins by 2012, it'll be a miracle!
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Yes, I think we're seeing the final results of the Clinton administration embrace of mainstream economics. They thought it worked back then because they got a stock bubble that offset the deficit reduction packages to create low unemployment and a budget surplus (much of it via capital gains on overpriced stocks). Dems are determined to find out the hard way that it doesn't work.
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