The economist I quoted who gets paid to be right feels the same way. Hope this helps.gut;1580389 wrote:Yeah, accept this as close as Boatshoes is going to come to admitting the folly of his ways.
HUGE tax increases and HUGE spending cuts...contractionary policy....absolutely hysterical. In typical liberal fashion (and much like Obama) he grossly distorts reality to somehow make subpar growth look like an accomplishment.
Then again, when your solution is to spend your way to prosperity then you can make the case than anything short of unlimited govt spending is contractionary. A very conveniently contrived argument he's made here.
Our subpar growth is good considering the aggregate demand sucked out of the private economy by ignorant deficit-scolds who think that a country with Monetary Sovereignty can experience a debt crisis in any obligations denominated in its own currency. The ability of Forward Guidance and QEIII to stave off a recession is encouraging and impressive. A huge deficit causing tax cut or simply not doing the tax raises and spending cuts of the fiscal cliff would've been better for growth but our monetary policy driven growth is better than nothing.
The world is a better place now that we know technocrats at central banks can stop deficit-hawks from ruining their own economies.
