A couple of nights ago, as I was following links deeper into the blogosphere in search of a possible explanation for why #occupyWallStreet has sprung at this moment and where it might go, I came upon a series of videos by Damon Vrabel, a self-described “post-neoclassical economic philosopher”, for a “course” he calls Renaissance 2.0 that purports to explain money in a way it isn’t usually thought about by philosophers on the left or right. I’m not particularly clever with money or economics myself, so I was curious to see if Vrabel, whom I’d just watched in a very interesting interview with Max Keiser (it’s in three parts, with part 2 here and part 3 here), could help me get a handle on it. I recommend the whole series.
Here is the first part:
When I read pieces by eminent conservative economists like the Hoover Institute’s Robert J. Barro’s Keynesian Economics vs. Regular Economics, I get the sick feeling in my stomach that the rift between left and right is becoming less and less bridgeable by day. It becomes clearer and clearer to me that, while the left may be going through a prolonged crisis of self-confidence, the right is becoming more deeply mired in an ideological morass and their project is to drag the rest of us down into it whether or not we want to go.
Unexpected wisdom from rank and file Republicans:
“Cutting spending is important, but getting people back to work is more important,” said Diane Sherrell, 56, a Republican from Erwin, N.C. “If people are working, they are more productive. There is less crime, there is less depression, there is less divorce. There are less hospital and medical bills. If you put people back to work, you are cutting spending.”
Stanley Oland, 62, a Republican from Kalispell, Mont., said that the government needed new jobs to generate the economic activity and the revenue it requires.
“That revenue supports the basic foundation for the economy, creates more jobs and stimulates the economy,” he said. “Unless you have working people you don’t have revenue from taxes. If you cut spending, jobs will be eliminated and you won’t get any revenue. Every dollar spent creates jobs.”
Now if they would just apply this wisdom at the polls that allegedly count in November!
The following is a public service announcement on behalf of Occupy Wall Street. To participate, go here. Of course, if you’d like to discuss it with me in the comments area right here, please do. Continue reading
The Wall Street Journal seems to mistake President Obama’s fumbling around with revenue fixes for the irrelevant deficit problem for what he should be doing, which is energetically rekindling a stimulus, with real spending on jobs programs to nourish the nation’s weakening demand-side. Continue reading
Lancet-fluke infected ant marches to the top of a grass blade where a sheep will ingest it. Much like House Republicans and the supply-side mind virus.
Let’s get down to brass tacks: Republicans are slaves to a fantasy ideology called supply-side. They are not free to consider any actions other than those that enrich the rich. The ostensible logic of this compulsion of theirs is that the wealthy alone are capable of distributing their own wealth, that they do this by investing in ventures that create jobs for the non-wealthy. But let’s be real: Republicans are not free to think beyond the first step: Enrich the rich. Any sector other than the rich doesn’t exist for Republicans. Enrich the rich.
In this, Republicans are exactly like the lancet-fluke infected ants Daniel Dennett likes to cite when discussing freedom and religion. Like these helplessly suicidal ants, Republicans are merely the vessel by which a very dangerous meme propagates itself. Until very recently it was not absolutely clear how dangerous this meme was, but the conditions for a perfect storm unleashing the danger have been brewing since the tandem events of the financial crisis of 2008 and the election of Barack Obama. Continue reading
From Mother Jones, a dozen bits of graphic evidence that supply-side economics is the wrong medicine for what ails the US economy, if shared prosperity is the health standard for national prosperity. Just one pair makes that point perfectly:
GROWTH IS BACK… …BUT JOBS AREN’T