Sunday, March 7, 2021
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Tag: deficit hawks

Mark Warner to Americans: “It’s Your Fault”

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It's hard to know where to begin. There's the idiocy of Senator Mark Warner's failure to grasp economics 101. There's the outrage of blaming the people for the deficit. And then there's the litany of cliches he speaks. So, let's talk about each of these.

Economics 101
Mark Warner cannot even diagnose what went wrong and why we have a large deficit. A large portion of the deficit is the result of the recession (not the cause of it). The deficit is also the result of the very tax cuts Warner seems too willing to hand over.  And, it is the result of off-the-books wars (which Obama put back on the books to keep us honest). But this much is certain (and it seems to elude Warner every time): You cannot grow an economy while slashing jobs.  And that is precisely what Mark Warner's desire for massive and too-rapid deficit reduction will accomplish.  When the private sector isn't hiring (and there  are some pretty Machiavellian reasons for that), the government must be the employer of last resort. Tax cuts reduce revenue, which means government has fewer resources for job-growing.

When offshoring is too enticing, you must remove the incentives.  AND, when Wall Street becomes the Wild West, you must reasonably regulate or re-regulate.  You surely need to fix those underlying causes of the latest debacle.  Tax cuts won't help deficit reduction AT ALL.  They make it worse.  Reagonomics has FAILED.  The more-than-thirty-year experiment in trickle-down economics has shown clearly that you cannot tax-cut your way into job growth.  And savaging the poor, children, the old and the unemployed won't solve this, though it does serve as balm to Republicans.  (It is also unethical, but in DC these days, few seem to care about that.)  If nothing else, the latest economic debacle shows that Ayn Rand/Peter Peterson/Chicago School of Economics/Club for Growth ideas are bankrupt hypotheses for any economy.  Who would base their economic strategies on a 10th rate novelist anyway? But the Peter Peterson drones mumble on with their mouthfuls of economic mush...

(More on what Warner gets wrong below)  

Fused with So-called Tea Party, AFP Showcases “Bachmann Overdrive”

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While Netroots Nation met in Las Vegas this past week, the so-called Americans for Prosperity held a counter event. Peter Peterson's group populated its event with folks like Michelle Bachmann and Sharon Angle.  Along the way, it also showed that it is fused with the Republican Party and the so-called Tea Parties.  Then to boost itself, AFP tried to pitch the story that it outcompeted Netroots Nation, but that's false.

AFP started RightOnline to counter Netroots Nation, celebrating its fifth anniversary and holds the event each year in the same city as the progressive event.
Telford received huge cheers for saying that with 1,100 registered attendees, RightOnline was larger than Netroots Nation. He said the progressive event had estimated "between 1,000 and 2,000 attendees." But Netroots Nation's official spokeswoman Mary Rickles told TPM that Netroots has 2,100 registered attendees.