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Doesn't Anyone Have Anything Bad to Say About Jacob Lew?

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Saturday, 26 February 2011 08:46

Not in the Washington Post they don't. The paper ran a lengthy fluff piece that did not present a single critical comment about Mr. Lew.

One item that the Post could have mentioned is that Lew and his colleagues in the Clinton administration, who it notes are all back in top positions in the Obama administration, ignored the growth of the stock bubble and stood by as the over-valued dollar led to an enormous trade deficit. The collapse of the bubble in 2000-2002 gave the country what was at the time the longest period without job growth since the Great Depression. The economy only recovered from that slump as a result of the growth generated by the housing bubble. 

Comments (3)Add Comment
Clinton Taking Credit For Budget Surplus
written by Tony, February 26, 2011 9:51
It has always amazed me, how the Clinton administration took all the credit for the boom years and the balanced budgets from the late 90's. They never bother to mention that we did this with probably the biggest stock bubble in U.S. history, and the savings rate in this country dropped from 7.4% when Bush senior left office, to down to 2.4% when Clinton left office. And they still had to raid the Social Security Trust Fund to get a balanced budget. And under Bush junior, it took another bubble, this time housing and the savings rate dropping as low as 1.8% in the 3rd quarter of 2007 to get our economy growing. Now that the savings rate is going up to a more sensible level (5.4% right now) you would think that the Obama administration would be happy that Americans are starting to finally live within there means and pay down some of there debt. But sadly, Obama and his staff are no different then our previous two Presidents. He just wants the economy to grow faster, to make him and his staff and party look better, and if it means that Americans go deeper in debt,in order to accomplish this, then thats just how its got to be.
magna cum laude
written by Union Member, February 26, 2011 9:57
"Lew said he was proudest of the decision to tax Social Security benefits ... The tax could easily have been seen by Democrats as an unacceptable benefit cut. But WE SPENT MONTHS AND MONTHS TALKING ABOUT IT, SO IT NEVER GOT INTO THE CATEGORY OF THINGS WHERE, IF YOU ACCEPTED IT, YOU WOULD BE BETRAYING A PRINCIPLE."

This statement is a marvel Washington Cult Economics. Steven Cobert couldn't say this with a straight face!

Is extending Bush's Tax Cuts the thing Lew is second most proud of?

If they spend months and months talking about the deficit will it turn into a surplus?
_¡Citius Altius Brevius!_ (he spoofed)
written by John H. McCloskey, February 27, 2011 1:02
If Dr. Baker keeps on keeping on at it, no doubt he’ll eventually boil -- or maybe ‘beat’ -- his product down to twenty-five words or less.

So, ¿how are we doin’?

(...) The Clinton administration ... ignored the growth of the stock BUBBLE and stood by as the over-valued dollar led to an enormous trade deficit. The collapse of the BUBBLE in 2000-2002 gave the country what was at the time the longest period without job growth since the Great Depression. The economy only recovered from that slump as a result of the growth generated by the housing BUBBLE.

[NEWS STORY]

Preliminary trim[ming was still] necessary [before count].

Sixty-seven words. Three hundred and twenty keystrokes (close enough), of which, rather amazingly, only 05.59% go to spell out the dread B-word.


[EDITORIAL]

Still a good deal too flabby for memorize-and-forget purposes, not to speak of acronymisation.

We *do* seem likely to have arrived within hootin’ distance of those who think in Powe®Poin™ rather than in the former English.

Much of the verbal obesity is only chronology, with which it could perhaps be dispensed, assuming the audience targeted to consist mostly of literate earthlings not yet gathered to the bosom of Doctor Alzheimer.

Speaking of editorials, "the longest period without job growth since the Great Depression," offends in that way [1] as well as by wasting nearly one word in six: ¡Tusk, tusk!


[POLICY RECOMMENDATIONS]

(A) ¡Shorter, please! [2]

(B) Nevertheless, and in the opposite direction, put the Healthcare Clause back in: unlike the dates, few indeed will ever guess *that* part of Bakerism unassisted.


[ENDNOTES]

[1] The GD slur would not be editorial matter if it were present (for dating purposes) as (an unnecessary) part of the Bakerite product proper. Obviously it is nothing of the sort.

(( Setting aside the brevity quest for a moment, the apprentice agitpropper may here learn from a Master how to jab a needle into her opponents’ hide under the pretext of, call it "just putting everything in proper context." Or maybe call it, "Now, I would not go so far, myself, as to claim that St. Bill Clinton was the second coming of Herbert Hoover, but . . . ." ))


[2] http://j.mp/gC42UY


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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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