Comments for Robert Samuelson Didn't Hear About the Recession at http://www.cepr.net , comment 1 to 7 out of 7 comments http://www.cepr.net Wed, 19 Jun 2013 05:22:54 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-574 ...but not just yet." Samuelson did hear about the recession, and mentioned it in the article: "Countries everywhere already have high budget deficits, [b]aggravated by the recession.[/b]" - AndrewDover Tue, 11 May 2010 07:51:47 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-571 Dean Baker always has a reason why the sovereign is increasing and never decreasing. But, we always have recessions and bubbles. After each one the fiscal problems of the welfare states is worse. In the case of Greece, it is inevitable that if Greece actually pays the debt, fully 6% of GDP will go to foreigners as interest. No country will stand for that. This is a direct result of the welfare state. Samuelson is right. Baker is wrong. Ask Baker: Does he expect the Greek debt, as a % of GDP, to get smaller after economic recovery? If not (and he shouldn't), then the next economic problem will result in more debt and the problem worsens. This is an infinitely increasing series until the ultimate default. it is a pity Baker does not understand that. Ostriches don't survive. - Rick Caird Tue, 11 May 2010 06:36:09 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-567 Samuelson said "It (the euro) was supposed to lubricate faster economic growth..." "More important it would promote political unity." I was under the impression that a significant part of the reason for the euro (at least as stated by the German press at the time) was to put an end to destabilizing arbitrage and currency speculation by American investors. Samuelson also said "Almost anything governments might do with their budgets threaten to make matters worse by slowing the economy or triggering a recession." Gee golly, that doesn't give government much choice does it? I guess they had better just throw their arms up in the air and leave it to the "big boys" at Goldman because it sounds as if they're damned if they do and damned if they don't. It's a little confusing, do you think he means that governments should or shouldn't cut military budgets? or replace military spending with investment in solar and wind? Should or shouldn't have built the Grand Coulee dam? or established the TVA? or built and managed airports? or interstate highways? After all, "anything governments might do..." seems to have disastrous consequences, never positive,life-enhancing, economically-stimulating effects. This assertion seems at odds with the historic facts. - diesel Mon, 10 May 2010 19:04:52 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-554 Samuel's column, like most of his columns, is just another "sky is falling because of the deficit" rant to bring an end to, or to privatize, what scant safety net this country offers. The deficit hawks are in full throat now (although to be fair Samuelson has been on this tack for years), with very few voices speaking up on behalf of the voiceless - those ordinary folks who want MORE of a safety net provided by the government, not less. Blaming Europe's economic problems on the "welfare state" is just another way of saying, "We can't afford Medicare, and Social Security is going to bankrupt this country." Such a mantra ignores what the average person wants and is willing to pay for and gives undue weight to what the top 5% of the wealth holders wants. - Queen of Sheba Mon, 10 May 2010 06:30:15 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-547 Dean's complaints about incompetent central bankers do not belong in an economic blog - they should be made in church, addressed to God. Who else is going to replace all the central bankers in the world? The system of having major economic decisions made by central bankers has never worked well - supposed past successes of this system are mostly mythical. The US was most prosperous and stable economically when the role of the Fed was limited. Economists were apparently seduced by the promises of unproven monetary dogmas into supporting the activities of the Fed, and have ignored the events and data which conflict with these dogmas. Like the bankers, they have not faced the consequences of their mistakes. Maybe God should go to the heart of the problem and replace the economists who reason dogmatically from monetary theory. - skeptonomist Mon, 10 May 2010 05:08:50 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-542 he does mention the Greek riots- they too are calling for something's death spiral- not sure it involves the 'welfare state' tho... - frankenduf Mon, 10 May 2010 03:58:42 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-didnt-hear-about-the-recession/#comment-541 What is wlefare? ;) - Jay Mon, 10 May 2010 03:30:23 +0100