Comments for Robert Samuelson Goes Way Overboard in Getting it Wrong on the Economy at http://www.cepr.net , comment 1 to 6 out of 6 comments http://www.cepr.net Wed, 22 May 2013 22:47:25 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19991 [b][i]Robert Samuelson Gets it Wrong on the Economy.[/i][/b] You could save this as a macro, and save a lot of typing. - John Q Mon, 05 Nov 2012 15:28:34 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19986 [b]Peter K.[/b] wrote, [quote]...economists like Samuelson ...[/quote] NB: Samuelson isn't an economist. (Not even the pretend kind that believes in things like RBC.) - liberal Mon, 05 Nov 2012 05:10:32 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19985 The source line under the chart in this graph and an earlier one aren't aligning. Maybe have them centered or flush left. Samuelson is mad because his nagging is going nowhere. Notice where he lays the blame: 1. "Thee first stems from the legacy of the 2007-09 financial crisis" I guess here he is blaming irresponsible people who took on too much debt (via Fannie and Freddie?), so he can nag about debt. But who knows. 2. "The second is an aging population that stunts expansion of the labor force." This is one of those supposed bad things that economists like Samuelson like to dwell on since it is beyond our control. 3; "Finally, chronic deficits — caused increasingly by a surge of promised benefits." Here is the common conservative complaint that the middle class citizenry is spoiled and pandered to when exactly the opposite is the case. - Peter K. Mon, 05 Nov 2012 04:05:12 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19984 Glass-Steagall coupled with strong Labor rights set the conditions for decades of broadly shared prosperity and stable financial markets. The 'pro-business' interests that have dismantled Glass-Steagall and decimated the rights of workers have caused the decoupling of productivity gains from wage gains have brought slow growth, unstable financial markets and obscene prosperity only for those at the top. - Robert Salzberg Mon, 05 Nov 2012 03:12:28 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19983 Robert Samuelson writes: "To be sure, broad philosophical differences were clear. Romney is pro-business; Obama is pro-government." Using labels to broadly describe governing philosophies is lazy at best but in this case profoundly inaccurate and silly. Ask Romney or Obama about how the federal government should be reacting to the aftermath of Hurricane Sandy and I'll bet their comments would lead you to say they're both 'pro-government'. They are also both running for a government job. Pro-business is the worst of the worst of labels when being applied to government officials. Most government officials swear to protect and defend the constitution which generally puts the rights and interests of the people first and above all others. In business, the duty of the CEO is to put the interests of the company and it's shareholders first and above all others. Where these mesh, government and business should work in tandem. Where they conflict, it is the duty of all government officials to put the people before business. ie regulate. - Robert Salzberg Mon, 05 Nov 2012 02:34:35 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/robert-samuelson-goes-overboard-in-getting-it-wrong-on-the-economy#comment-19982 The title of Robert Samuelson's piece, The Disconnect of 2012, is apply named primarily because it applies to the media in general and Mr. Samuelson's piece in particular. The housing bubble that caused Americans to borrow too much and construction companies to build too much and banks to lend too much and giddy homeowners to spend too much was the primary cause of our current malaise but is not mentioned in Samuelson's piece. Likewise, the resulting lack of Demand and massive unemployment that naturally results from a huge hole in Demand is not mentioned in Samuelson's piece. Because of Samuelson's disconnect from the causes of the Great Recession, his analysis and prescriptions have little connection to reality. Americans are way smarter than Samuelson and the media give them credit for. First and foremost, the overwhelming majority of Americans support a national health care plan which is the largest driver of our deficits. The overwhelming majority of Americans also know that unemployment is the biggest problem facing America. America can literally borrow money for 20 years with a negative effective interest rate. A massive FDR style jobs program is the obvious solution. - Robert Salzberg Mon, 05 Nov 2012 02:18:32 +0100