Monday, November 14, 2011
(Not) Defending austerity economicsMike Konczal looks at Ezra Klein's sad defense and excuse-making for the Obama Administration's policy and political failure in What Can We Say About President Obama’s Economic Performance in Early 2010? Rortybomb 11/09/2011. One of Ezra's articles is Obama's Flunking Economy: The Real Cause New York Review of Books are not ones being encouraged by the White House (11/24/2011 issue; accessed 11/05/2011). I commented on it in Making excuses for Obama 11/08/2011. Konczal's post has links to others.
Konczal explains the basics of Obama's Herbert Hoover economics, starting from what the Administration knew at the time of Obama's 2010 State of the Union address, where he announced he would be pursuing austerity economics, including a veto threat against what he judged to be excessive spending:
President Obama announced the freeze and veto threat, and didn’t sound alarm bells [about unemployment], because he believed that the potential risks associated with not signaling to the bond market that deficit reduction was coming outweighed the reality of high unemployment and trying to expand the deficit immediately. 20+ million people not finding full-time work with certainty is bad, but just the possibility of the confidence fairy getting angry is far worse [in the austerity-economics view].Tags: obama administration, us economy
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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