Sunday, October 3, 2010

Mike Lee vs. The Educated

Several articles circulating my way this weekend from a friend, all various responses throughout this year from economists, academics, and financial experts to the question: What does/should the future of the US Economy look like?  Mulling them over, it struck me how even more ridiculous the teabagger battle cries sound in contrast to an actual intelligent discussion about economic realities and options.

Summarizing arguments made...

Stiglitz (video): Pace of foreclosures higher in 2010.  25% of mortgages underwater.  Commercial real estate underwater.  Long term national debt will be lower if we run a deficit now.  Make up for state revenue shortfall.

Galbraith: Restructure housing markets, encourage retirements.  Spend now to avoid systemic (and more expensive) problems later, long term deficit will be less.  Stimulus worked, but only offset short-sighted action by many states with balanced budget only in mind.  Good start, but time for Stimulus II.

Warren: 2,988 banks stretched, 1/2 of commercial real estate loans headed underwater. Fed approach was top down, honorable, but isn't working.  Middle class has been hollowed out.  Banks prospering won't save the economy in the face of such high foreclosure, joblessness.

Marshall Auerback: Someone should remind teabaggers and deficit hawks that there is nothing more inefficient, expensive, self-defeating and wasteful than long term systemic unemployment. 

... and to bring it all home, our resident teabagger/DeMint lackey, Mike Lee: More outsourcing and balanced budget amendments that make economic response to crisis next to impossible! Also: horseshit.

We should trust the educated.

1 comment:

  1. Good points, Jason. Here's an article a friend of mine linked on FB. Brings an added perspective. http://www.rollingstone.com/politics/news/17390/210904

    "At the voter level, the Tea Party is a movement that purports to be furious about government spending — only the reality is that the vast majority of its members are former Bush supporters who yawned through two terms of record deficits and spent the past two electoral cycles frothing not about spending but about John Kerry's medals and Barack Obama's Sixties associations. The average Tea Partier is sincerely against government spending — with the exception of the money spent on them."

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