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Home Publications Blogs Beat the Press The Fiscal Cliff, It’s Just Like the Holocaust

The Fiscal Cliff, It’s Just Like the Holocaust

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Tuesday, 16 October 2012 14:55

Yes, that is absurd and even offensive, but since the NYT is going in for gross exaggeration to scare its readers about the budget, I thought I would play along. A NYT piece on the budget deficit told readers that:

“But even if Democrats and the financial markets go along with the delay [a decision to put off any longer term plans on taxes and spending if Romney wins the election], the months before Mr. Romney’s swearing-in could be as crucial to his presidency as the transition period was for Mr. Obama four years ago, when the economic crisis led him to draft a big stimulus package while President George W. Bush still occupied the White House.”

This is wrong. The economy was losing 700,000 jobs a month in the period between the election and when President Obama took office. His decision to push a stimulus, which in the context should not be called “big,” kept several million more people from losing their job. His decision shortly after the passage of the stimulus to “pivot to deficit reduction,” has likely ensured that millions of people will be needlessly unemployed for much of a decade.

It is difficult to imagine the set of events in a transition to a Romney administration that could have anywhere near the same consequence.

Comments (2)Add Comment
Sad ...
written by David, October 16, 2012 5:48
His decision to push a stimulus, which in the context should not be called “big,” kept several million more people from losing their job. His decision shortly after the passage of the stimulus to “pivot to deficit reduction,” has likely ensured that millions of people will be needlessly unemployed for much of a decade.
As I understand it, Summers and Geithner outvoted Romer, for a smaller stimulus. I'm sure they are being amply rewarded for their incompetence, though. Neither Obama nor McCain knew economics well enough to push for the right thing.
Say Whut?
written by Last Mover, October 16, 2012 6:09
Ok like wait so this sounds like Baker is a Cliff Denier like a Holocaust Denier the same way Romney is a Stimulus Denier except during the transition from Obama to Romney when Romney will draft a Truther Stimulus with Obama still in office just in time to avoid the coming Keynesian Socialist Fiscal Cliff caused by not continuing the Supply Side Bush Tax Cuts that paid for themselves by increasing the deficit after which Romney will pivot to a Truther Tax Reduction of Five Trillion Dollars that will pay for the whole goddamn mess with a Budget Balanced on the Back of the Middle Class.

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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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