Zombie Economics?

I generally like Ted McGregor’s brief columns that appear in “The Inlander.” Today is generally no exception. But it does need some fleshing out. Austerity arguments do only apply when the opposite party is in control of the White House. Or when an opposition party is in control of Congress. Bottom line, when you want to accuse the Democrats of “spending too much, wasting a whole lotta taxpayers’ dough,” then austerity arguments get dusted off and publicly discussed. Just don’t remind the Republicans that they are known to be very big spenders as well. Of course, the juxtaposition argument involves, too much government. If we invoke “austerity,” we can “reduce that dependency on government,” through the shrinking of “entitlements.” Applicable to the Democrats and those most likely to vote for the party of the Donkey. However, never remind the GOP that they are definitely into pushing entitlements, subsidies and tax cuts are included.

McGregor provided a pretty good history of what he thought austerity measures actually did to a country’s economy. Well, I believe that Herbert Hoover was “credited” with such measures (rightly or wrongly), and that his tight-fisted approach to government helped create the economic disaster called the Great Depression. All anyone would need to do is check out a good history book with regard to the late 1920s, early to mid 1930s, to discover just how bad the economic situation really was. Obviously, you couldn’t get very austere during such economically tough times, for the country and the people to economically survive. And that maybe, while it is entirely possible that the Great Depression would not have been prevented, had other measures been considered by the Hoover administration, the economic damage might not have been quite so wide spread.

I will agree with McGregor that members of Congress are pushing a worn out [Ayn Rand style] theory that probably doesn’t have a basis in fact. I recently picked up this book, “Free the Marketplace” (I beileve) that I have since distributed to the Oak Crest library for anyone who is interested to eventually peruse. A clearance book at Hastings for only $0.50. That author disclosed in the opening chapters, the Chicago school of political economics. Something that Robert Bork was prepared to argue on the behalf of. Even when the author of the economic model, having to do with efficiency and cost cutting measures should companies merge. A way of thinking that could be easily challenged and the author himself said that his theory was extremely limited. Yes indeed. Karl Marx only had a theory about how better everything would be if the proletariat ruled the world. (Efficiency in government, perhaps? If you got in the right people, maybe?) Rather regrettably, that “Chicago school of economic politics” reminded me a little too much of just how Marx’s own social theories couldn’t stand the test of — people. As time would prove, especially by 2007/2008, that view of economic politics would help create wide-spread disaster. I’ll further add, people who have since tried to exploit that disaster for personal gain. Bet they didn’t have a problem with that “Chicago school” up and until banks and investment firms started keeling over. Now, they want to find a scapegoat to hang it all on. They’d do better reviewing their own political history. As it is, the GOP continue to be very spiteful little children because they lost to Obama, twice. I doubt that “Zombie economic theory” has anything to do with GOP obstructionism. The GOP just want to get back at the American voters and the guy they put back in office. Unless and until (The Daily Show) they are inconvenienced by their own austerity measures. Of course, for those of us who will never likely set foot inside an airport ever again: Who cares? The GOP also made it very plain that they have a cognitive disconnect when it comes to applying austerity measures and ultimately whom it hurts. Those commercial jets are privately owned. These are some big national/international companies that fly these jets. When the GOP are into forcing the sequester to take hold, because they want to get back at Obama and the American people who elected him, who is most likely going to feel the pain of the sequester and the dangers it might cause? The airline companies. The commuters can go by car or bus, Amtrak if they wish. When the GOP refuse to think out of extreme Obamahatred, they also turn on the very people who load their campaign war chests with lots of dough. This is something that can cause any rational person to shake his or her head in wonder. Quite frankly, I think McGregor should keep on reminding the American electorate of how goofy the situation is in Washington, D.C. these days. Obama can’t run again, but in 2014 the American electorate has a chance to vote the children out of office. Will they rise to the challenge?

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One Response to “Zombie Economics?”

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