U.S. Rep. and Presidential candidate Michelle Bachmann was interviewed on CNBC this morning right after the lackluster employment report came out from the Labor Dept.
Of course she is out of the MMT paradigm, but she shows how easy it is to score political points against the President on the issue of the economy.
Later CNBC had outgoing Obama Administration economic policy advisor Austan Goolsbee on for an interview, video below:
Unfortunately Goolsbee also is out of the MMT paradigm, and there is really not much difference between what Goolsbee comes up with here and what Rep. Bachmann came up with in her interview. They often sound the same here.
Both are unable to propose any real solutions to the current problem of lack of employment growth in the U.S. because both are
economic morons foolishly concerned about the debt and the fiscal deficit in our current environment of a domestic output and demand shortage. This leaves fiscal policy options off the table for now for both political parties.
As both parties have managed to somehow back themselves into a political corner against an apparently new "third rail" of politics, the debt and deficit, I have to think that political pressure will again build on Fed Chairman Bernanke to "do something" to help foster employment growth through what has proven to be an impotent and probably damaging monetary policy.