The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obamanomics: The Predictable Suckage

Posted on | May 25, 2011 | 4 Comments

Ed Morrissey at Hot Air:

“If the US economy got off to a bad start in 2011 with a 1.8% GDP annualized growth rate, the start of the second quarter looks like it might be worse. The Commerce Department reported this morning that durable goods orders fell 3.6% in April after a 4.4% increase the month before.”

Keynesian economist Brad DeLong analyzes the indicators and urges — wait for it — more Keynesian “stimulus” efforts. (Because if it hasn’t worked yet, we just need to do some more of it!)

The phrase “double dip recession” is cropping up again, as I’ve been predicting for months. We’re also starting to hear a lot about “stagflation,” another phenomenon I’ve been predicting since at least May 2009:

“The stimulus-and-bailout policies have not addressed the fundamental problems of the economy — namely, an excess of debt and a shortage of capital to spur job creation — while the entitlement trainwreck of Social Security and Medicare looms immediately ahead. By piling on new trillion-dollar deficits, at a time when the recession will result in significant tax revenue shortfalls, the Democrats are steering the economy into a stagflation trap.”

Why is it that the experts who have been so wrong for so long continue getting paid and praised as experts, while I — having no special claim to expertise — am so relentlessly right, and yet still rattling the tip jar?

Category: Economics

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