Supply-Side Economics

[whell]

Originally Posted by Chicks

The GOP’s ideology doesn’t match economic reality. Just ask one of this year’s Nobel Prize winners.

https://www.washingtonpost.com/opini...prize-winners/



One doesn't need to be a Nobel Prize-winning economist to know that the Repube economic policies are based on nothing but hate.

This article is full of straw man arguments designed to look like a refutation of free-market economic principles. The way Rubin packages the "argument" against immigration is classic straw man stuff. In other words, it's the kind of argument some of you guys love to make.

Example:

As the Cato Institute’s Alex Nowrasteh explains, the current debate among academics has boiled down to the tiny impact immigration has on a small sliver (9 percent) of the workforce that has no high school diploma. For other American workers, immigration studies have found that immigrants boosted those workers’ wages for a net gain in wage growth. Anti-immigrant right-wingers will insist this is not true. They remain firmly attached to an economic argument, however flawed, that supports their cultural and racial aversion to immigrants.

A pro-LEGAL immigration stance is not "cultural and racial aversion". The current debate over Texas and Florida sending ILLEGAL immigrants to New York, Chicago, and DC is a great example because it puts the shoe on the other foot. We now have Dem mayors bitching about the economic impact of illegal immigrants in their communities, some of which are so-called "sanctuary cities".

Where are the cries of "cultural and racial aversion to immigrants" when the Mayor of Chicago busses newly-arrived illegal immigrants out of her city.


Over the weekend, officials in another suburb, Elk Grove Village, also pushed back on Chicago Mayor Lori Lightfoot, a Democrat, after two Chicago Transit Authority buses filled with 90 migrants from Texas arrived. But Elk Grove Mayor Craig Johnson said he’s hopeful the situation will improve with cooperation from Chicago and Illinois state officials after he spoke with Lightfoot over the weekend.

“They’re upset with Texas, then you’re turning around and doing the exact same thing to me, sending these people without notifying us,” Johnson said. “Let’s work together on this.”

Johnson cut to the heart of the political debate: “She (Lightfoot) wants to probably say politically: ‘I’m a sanctuary city. I welcome you with open arms.’ But when reality checks, if five bus loads shows up in her city, she can’t handle it. So let’s give them to Elk Grove Village. That’s wrong.”

Or when the Mayor of New York bitches about not being able to accommodate illegal immigrants.

New York City’s shelter system is operating at near 100% capacity, Adams said. The city expects to spend at least $1 billion by the end of the fiscal year dealing with the influx of migrants, the mayor said, adding that if asylum seekers continue to enter the city at the current rate, the total population within the shelter system will exceed 100,000 in the year to come.

Adams said 42 hotels have been set up as emergency shelters and 5,500 migrant children have been enrolled in schools.

Adams reiterated that New York City is still a sanctuary city but stressed it is unable to handle such an overwhelming influx of migrants.

“We are not telling anyone that New York can accommodate every migrant in the city,” the mayor said Monday. “We’re not encouraging people to send eight, nine buses a day. That is not what we’re doing. We’re saying that as a sanctuary city with right to shelter, we’re going to fulfill that obligation. That’s what we’re doing.”

So, while Rubin wants to paint pushback against the negative economic impacts of illegal immigration as "cultural and racial aversion to immigrants", the struggles of accommodating illegal immigrants in cities like Chicago and New York perfectly illustrate just a fraction of the impact that border states like Texas, New Mexico and Arizona have had to deal with.

The citizens of those states' complaints about the challenges that they deal with, and have dealt with for years, have met with accusations of "cultural and racial aversion to immigrants" from the Jennifer Rubin's (and Chicks) of the world. Now that those economic consequences are been felt, and complained about, by Democrat mayors, I wonder if Rubin will go back and amend her hate-filled comments?

Probably when hell freezes over.

[Chicks]

The US ultra-rich justify their low tax rates with three myths - all of them rubbish

https://www.theguardian.com/commenti...-economy-myths

[Chicks]

Liz Truss ditches another big tax cut and fires her finance minister
https://www.cnn.com/2022/10/14/econo...sal/index.html

...because she nearly destroyed their economy with conservative economic policies that simply don't work...

[Chicks]

No surprise that the Reich-wing Heritage Foundation was all in on Liz Truss' Supply Side economics policy just days before she was forced to change tack. Such morons.

https://www.heritage.org/internation...ve-uks-economy

[whell]

Originally Posted by Chicks

No surprise that the Reich-wing Heritage Foundation was all in on Liz Truss' Supply Side economics policy just days before she was forced to change tack. Such morons.

https://www.heritage.org/internation...ve-uks-economy

From the article you posted:

Everyone needs a scapegoat in an economic crisis, and much of the world has settled on blaming British Prime Minister Liz Truss’s economic plans. The International Monetary Fund and the Biden Administration have piled on, which conveniently deflects from their failed policies that produced inflation and slow growth. Expect criticism as well from America’s big-government conservatives worried Ms. Truss’s program might succeed.

Cutting the top marginal tax rate by 5% is hardly moving the needle toward supply side economics. But it does start down the path of reducing the power of the political class. As we've seen here, that threat to their power will not be tolerated.

Truss was attempting to replicate the success that Thatcher had with much the same approach. Thatcher had more successes and some failures with her approach, much as Reagan did. But she certainly managed to put Britain's economy back on the map, with growth rates by the end of her tenure quite similar to other strong economies of that time.

[finnbow]

Originally Posted by whell

From the article you posted:

Everyone needs a scapegoat in an economic crisis, and much of the world has settled on blaming British Prime Minister Liz Truss’s economic plans. The International Monetary Fund and the Biden Administration have piled on, which conveniently deflects from their failed policies that produced inflation and slow growth. Expect criticism as well from America’s big-government conservatives worried Ms. Truss’s program might succeed.

Cutting the top marginal tax rate by 5% is hardly moving the needle toward supply side economics. But it does start down the path of reducing the power of the political class. As we've seen here, that threat to their power will not be tolerated.

Truss was attempting to replicate the success that Thatcher had with much the same approach. Thatcher had more successes and some failures with her approach, much as Reagan did. But she certainly managed to put Britain's economy back on the map, with growth rates by the end of her tenure quite similar to other strong economies of that time.

The cause of all of their economic woes (beyond the pandemic) is their stupid Brexit referendum, spurred on by a movement of hard right conservatives and their Russian patrons. Brexit is to the UK as Trump was to the US - a Russia-backed far right initiative/candidate meant to weaken the countries through incompetence, division and fealty to Putin.

[Chicks]

‘They are stealing Russia’: Adam Curtis on how hyper-capitalism wrecked a nation – and why Liz Truss must take heed
https://www.theguardian.com/tv-and-r...uss-traumazone

Gaidar believed that by unleashing “free market forces” on an extreme scale, they would act as “market stimuli” that would then automatically lead people into “rational” patterns of behaviour. In reality, it was a simplified engineering system where human beings would be reshaped, turned into the right kinds of beings to make the new system work. In that way, it was like a reverse image of the Soviet plan. It was still a way of controlling behaviour through levers, but just a different way.

[Dondilion]

Originally Posted by Chicks

‘They are stealing Russia’: Adam Curtis on how hyper-capitalism wrecked a nation – and why Liz Truss must take heed
https://www.theguardian.com/tv-and-r...uss-traumazone

Interesting!

[Chicks]

Britain’s new finance chief reverses prime minister’s economic policies
https://www.washingtonpost.com/world...dget-reversal/

LONDON — Seeking to bring stability to jittery debt and stock markets — and to help Prime Minister Liz Truss survive — Britain’s brand-new finance minister, Jeremy Hunt, on Monday said that the government would not slash taxes but would instead see them rise, in a stunning reversal of a trickle-down growth policy announced just three weeks ago.

ROFL. Ronnie's trickle-down was a disaster for working people. Why did Truss try to copy it?

[Chicks]

History shows that Republicans are 'just plain bad at managing the economy': industry experts
https://www.alternet.org/2022/11/biden-unemployment/

Back in 2004 — when he was more of a Blue Dog Democrat and had yet to move to the far right and launch the Patrick Buchanan-influenced MAGA movement — Donald Trump told CNN’s Wolf Blitzer, “I've been around a long time, and it just seems the economy does better under the Democrats than under Republicans.”

Trump, of course, isn’t saying that in 2022. In fact, he is claiming that Republicans — specifically, MAGA Republicans — are better for the U.S. economy. And some recent polls have found that most American voters, ahead of the 2022 midterms elections, trust Republicans more than Democrats on the economy. But authors David Rothkopf and Bernard Schwartz, in an op-ed published by the Daily Beast on November 4, argue that when it comes to the U.S. economy, Democrats have a much better track record.

Donny, it seems, used to sometimes (VERY rarely), tell the truth. Inconvenient fact, that.