Post-Keynesian Observations

Understanding the Macroeconomy

Archive for January 2011

Economic Disaster Looming (and it’s my birthday)

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Today is my 50th birthday (meaning I was born on the day JFK was inaugurated). It’s been very nice so far, with lots ad lots of kind wishes from friends and relatives, and I was really looking forward to enjoying myself today. Then I read this:

House GOP Lists $2.5 Trillion in Spending Cuts

The first sentence reads, “Moving aggressively to make good on election promises to slash the federal budget, the House GOP today unveiled an eye-popping plan to eliminate $2.5 trillion in spending over the next 10 years.” Absolutely terrifying. I haven’t felt this depressed and hopeless since Sept 11.

If anything close to this really happens, we can say goodbye to economic recovery any time in the foreseeable future. I’d go into details as to why that is true, but a) that’s the subject of the previous two posts (plus several before that) and b) it’s my birthday. Suffice it to say that the people in charge in our country fundamentally misunderstand how the economy actually works. They are more interested, anyway, in name-calling and political one-upmanship.

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Written by rommeldak

January 20, 2011 at 1:48 pm

Posted in Uncategorized