Prince Mark proposes more supply side nonsense that “pays for itself”

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    http://tpmdc.talkingpointsmemo…

    Will these economics flunk outs never stop trying to sell us snake oil.  Tax cuts never, ever, pay for themselves.

    Prince Mark’s proposal would increase the deficit no less than extending the Bush tax cuts for the wealthy according to CBO. He’s just taking the tax cuts from one pocket (rich folks) and putting it in another (business). It’s a zero sum game.

    Marky, please re-read your Samuelson! In a liquidity trap (which is where the U.S. economy finds itself) the only way out is fiscal stimulus large enough to replace a huge percentage of lost aggregate demand. Since 2007, aggregate demand has fallen $1.7 trillion.

    Without an increase of demand of similar size, through things like infrastructure building, 9-15% unemployment, depending on how you measure it, will continue for a decade as it’s done in Japan for the last 15 years, harming the careers of our young adults permanently.

    Get serious Mark.  The Interstate Highway system of the ’60s needs to be replicated with high speed intercity passenger rail.  NoVa has $10 billion in unbuilt roads and bridges. Norfolk has needs of comparable scale.  Other metropolitan areas have similar needs.  

    Get a transportation appropriation of $1+ trillion if you want to end the high unemployment and stop fooling around with supply side idiocy.