European Economics Via Paul Krugman

Krugman attributes the following Venn diagram to Martin Wolf. I think it sums up the situation pretty well, not just for European economics but for every aspect of policy in the United States:

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  • NTodd Pritsky  On Wednesday September 28, 2011 at 7:06 pm

    I think there used to be a little overlap. F’rinstance, a payroll tax holiday is a teensy bit stimulative, and the GOP used to like it, which is why Obama thought it was politically feasible. But those damned ovals have been pushed far apart by a certain party, with a little help from another party that thought they could deal with the aforementioned certain party…uh, I just confused myself.

    • Steve  On Wednesday September 28, 2011 at 9:33 pm

      NTodd, I am so naive that I don’t understand why an old-fashioned Keynesian approach is not in the overlap. Robert Reich proves that we have motive, means and opportunity. Maybe a stimulus would be in the overlap, if GOPers were less determined to see that Obama fails (read: loses in 2012) even if the nation goes down with him.

      • NTodd Pritsky  On Thursday September 29, 2011 at 8:37 am

        The GOP’s fallen a long way from “we’re all Keynesians now” and even the Gipper, who raised taxes many times and even invested a bit in the future.

        • Steve  On Thursday September 29, 2011 at 9:55 am

          NTodd, the Tea Party is certifiably nuts, and all but the most moderate GOP presidential candidates are pandering to that nuttiness. I suppose these people have always been around in the U.S., but I don’t think they’ve ever had power before, at least not control of a house of Congress. Ignorance and arrogance is a terrifying combination, and they’ve got it in spades. I hope we can hold out at least until the 2012 elections; more than just the presidency depends on them.

    • Steve  On Wednesday September 28, 2011 at 9:43 pm

      NTodd, I have serious grievances with Obama, some so serious that I can’t bring myself to vote for him in 2012 (continued needless war, targeting American citizens for assassination w/o due process and continuation of the Bush approach to “justice,” to name just three). That doesn’t mean I believe Obama deserves what the GOP is doing to him. There is a soulless cruelty about the GOP that both angers me and terrifies me. And yes, I believe we will eventually go to ground because of their actions.

      I’ve read two books recently that make me sad about that. One is a history of the Federal Convention of 1787 that framed the Constitution; the other is a lawyer’s book about the four freedoms of the First Amendment. Damn, there are a lot of flaws both in the Constitution and in the implementation of the First Amendment (especially in the past 2-3 decades of rampaging Supremes), but there was so much opportunity there, and it’s hard to see how the world will have that opportunity again before things get really tough in the post-global-climate-change era. Stupid, stupid GOP, and inadequate resistance from Dems. STUPID PEOPLE! Don’t they see where this is heading?

      • NTodd Pritsky  On Thursday September 29, 2011 at 8:45 am

        Despite my grave disappointment with Obama, I’m not sure it’s enough to convince me there’s an alternative nationally until we build better 3rd party foundations at the local and state levels. Cold comfort to imagine President McCain, Palin or Perry, but that’s what we’ve got.

        At this point, I’m mostly focused on local and state issues. Even with a disaster in DC, there are things we can do at home to mitigate some of the problems.

        • Steve  On Thursday September 29, 2011 at 9:46 am

          I agree, NTodd: there’s no alternative nationally. But given the choice between a fascist dictator and a fascist dictator, I’ll refuse to choose. Obama is said to expect $1 billion in campaign contributions; maybe that will help him prevail. Even if he does, based on his current performance, I just don’t see that much difference from what a Republican would do.

          Yes, there may be Supreme Court appointments, and his have been marginally better than those by Republicans, but there is already a solid conservative majority on the Court that nothing but time can cure, and because Obama refuses to behave like a Democrat, there will never be another liberal Justice to balance the current batshit crazy majority. Let’s all sing: “How do you solve a problem like [Scalia]?”

          As for the rest… to me, Obama is The Man Who Would Kill the New Deal (and its successors). Getting me to vote for him will be a hard sell; indeed, it will probably be impossible.

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