Please don't use personal attacks here.
On Mon, Nov 10, 2008 at 04:04:25PM -0500, Louis Proyect wrote: > Let's see, in the past 8 years, we have had tax reductions, two wars, and > huge increasing budget deficits. Who among you is going to say with a > straight face we have not had a huge fiscal stimulus? The stimulus worked > great for 6 and 1/2 years until we all realized the stimulus had gone into > building homes for people who can't afford them. So as we deal with the > hangover of the last stimulus and stumble toward rationality, Nobel winner > Paul Krugman is arguing that the solution to our difficulties is a bigger > fiscal stimulus? The problem with Bushonomics was that we did not have > enough tax reductions, wars and budget deficits? You all realize this is > insane, don't you? > > > > David Shemano > > --- > > Shamano, your email software is all fucked up. When I hit reply, the right > margin went off into the stratosphere. Ordinarily, I don't reply to > malformed messages, but I did think it was worth answering your libertarian > nonsense so I reformatted it above. > > To get straight to the point (and I might even work this into a book on > FDR), the American economy was in an expansionary phase up until the 1970s > even if it was faced by temporary dislocations like the Great Depression. > > Auto, steel, armaments, etc. were all growth industries. Today there is > nothing that has replaced them. There has been a desperate search since the > 1970s to inflate (not in a fiscal sense) the American economy but nothing > has been able to provide the kind of job growth that the smokestack > industries once did except for high technology but that has evaporated as > well. > > That is the main reason there have been bubbles after bubbles in recent > decades. Capitalism might have experienced a greater shock in 1929 than it > has today in terms of GDP reduction, unemployment, etc. but it faces much > worse long-term prospects today. That is a contradiction that even many > Marxists have failed to grasp. > > Libertarian panglosses like yourself of course are living in your own > bubble, so I assume that this will be lost on you. > > _______________________________________________ > pen-l mailing list > pen-l@lists.csuchico.edu > https://lists.csuchico.edu/mailman/listinfo/pen-l -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com _______________________________________________ pen-l mailing list pen-l@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/pen-l
