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From: email@example.com (Bill Sloman)
Subject: Re: High Tech economy in the US
Date: 17 Jan 2003 04:46:10 -0800
NNTP-Posting-Date: 17 Jan 2003 12:46:11 GMT
"Danny H." wrote in message news:...
> Okay, lets look at the two sides. Dubya wants to give tax breaks for rich
> people (people forget that rich people also includes the people who own the
> large companies) as well as tax breaks for the poor/middle class in the
> long run. Democrats just want to give money to the poor people...just how
> the hell is this going to fix the economy? a short term buying spree sure,
> but what about after that? You think these poor people are just going to
> save their money (generally even a worse idea as the idea is to promote new
> spending not keep more in your pocket).
Giving money to poor people is a more efficient form of pump-priming
than giving it to the rich. Poor people are much more likely to go out
and spend it immediately, thus pushing up demand, which is what
pump-priming is all about.
> I just never understood the idology.
You don't need to understand ideology in this particular instance, you
just go out and look at the spending patterns. Very predictable.
> Demos love to do what looks and sounds good right NOW and never thinks down
> the road.
In this particular instance, this character defect would motivates a
rational choice of beneficiaries.
> I also love the people who point at bush and blame him for the economy going > south which started before he was elected.
While the republicans had more or less complete control in congress
and blocking control in the senate - their demented, but self-serving
ideas about the economy had been doing their damage long before Dubba
bought the presidency.
> I just see the republicans agenda being more long term and more thought out
> then the demos narrow-minded impatient fantasies that it will all work out in > the end.
Dubba's test for the soundness of an economic theory is "does it
recommend transfering spending power from the poor (who vote for the
Democrats) to the rich (who vote for me)".
Predictive power doesn't come into it. Regan tried "trickle-down"
pump-priming, and it did nothing for the economy, but suckered his
Try reading up on neo-Keynesian economic theory - you may get to
identify who the dangerous fantasists really are.
In concocting an economic theory you *can* always assume that "the
market" works perfectly, but it isn't true, and Keynes pointed out
some of the more unpleasant consequences that can be generated by
sticking to this assumption during a depression - convincingly enough
that it has taken seventy years for somebody to be stupid enough to
recreate the Great Depression of 1929-31, by applying the same
unrealistic economic theories that worked so effectively back then.
Those who don't understand history are condemned to repeat it.
Bill Sloman, Nijmegen
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