Economics As A Matter Of Faith

No, I’m not talking about Rick Perry, and I’m not talking about religious faith. I’m talking about Obama, and his faith in things even more non-demonstrable and insubstantial than, say, the Holy Trinity. Here’s Dean Baker, wrapping up his post, “President Obama Joins the Cult of Economic Deniers“:

But President Obama is apparently not listening to economists anymore, so he wouldn’t care, in any case. Just as we have many politicians who ignore climatologists in the design of energy policy, and politicians who think that biology has no place in teaching the origins of species, we now have politicians who think that economics has no place in designing economic policy.

This could be viewed as comical, but tens of millions of lives stand to be ruined. Ever since Keynes, we have known how to bring an economy back to full employment after it has fallen into a slump. Keynes’s basic insights have been supported by a vast amount of economic research over the last seven decades. And we have solid evidence showing (pdf) that the limited stimulus pushed through by Obama in 2009 worked pretty much as predicted in generating growth and jobs.

But evidence, apparently, doesn’t matter at the White House any more.

We elected this man. I even voted for him, damn me for having done so; never have I wished more fervently that I could take back my vote. And now we have to live with his faith-based approach to restoring the nation’s economy. All those debating whether Barack Obama is Christian or Muslim are wasting their time: Obama is a devout believer in pure, undiluted Republican intuitive economics, the economics of Herbert Hoover, the economics that very nearly collapsed the nation’s economy in the 1930s. And we all are about to suffer for it.


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  • MandT  On Tuesday August 16, 2011 at 10:50 pm

    Then he says, public sector unions should sacrifice more.

    • Steve  On Wednesday August 17, 2011 at 11:10 am

      Probably so, MandT. He’s been agreeing with GOPers on everything else.

  • NTodd Pritsky  On Tuesday August 16, 2011 at 11:08 pm

    Apparently Mr Obama’s been too busy reading biographies of Lincoln to get to Keynes and Hicks. He’ll start on their work in 2013. While swinging on his hammock. In Hawaii.

    • Steve  On Wednesday August 17, 2011 at 11:14 am

      Sadly, NTodd, I’m afraid Mr. Obama’s motives are far from noble in this and other matters. I no longer believe he gives a good damn whether his understanding of economics reflects reality or not. Like Hoover, he has a clientèle among citizens, and we are not among them. Keynes/Hicks gives us a recipe for recovery, but Mr. Obama doesn’t like to cook.

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