Both of Biden’s Key Economic Advisers get Basic Econ Wrong
Both of Biden’s Key Economic Advisers get Basic Econ Wrong
The Secretary of the Treasury and the Chair of the Council of Economic Advisers are the two principal economic advisors for any president. President Biden chose
From Wikipedia: The Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a nonprofit think tank headquartered in Auburn, Alabama, that is a center for Austrian economics, radical right-wing libertarian thought and the paleolibertarian and anarcho-capitalist movements in the United States. It is named after the economist Ludwig von Mises (1881–1973) and promotes his version of heterodox Misesian Austrian economics.
Ludwig Von Mises was a highly educated man and spoke post college level English and his native tongue, German. Are you sure you want to compare credentials? Joe Biden speaks well below high school level. Joe has nothing on a genius. His economic advisor is an embarrassment to responsible statecraft. The meritless kakistocracy that democratic Marxist activism promotes, for example DEI, promoting based on social justice instead of merit. Mises was a great man, Biden is a mediocre man who is elected by people who consider themselves less than him.
Do you disagree with anything Hedge said up there? Because you sound extremely argumentative in tone but you don’t seem to have claimed anything that contradicts any of it.
I also speak post college level English. And I can recognize dumb ideas written in English. Mises was a hack.
Dude what the HECK lol. You gotta subtle it up my man.
You gotta say something along the lines of, no I'm just a good concerned native English speaker citizen of the United States and I feel like both sides are sliding into fascism and just, Biden's so old, and anyway what about Gaza, and I'm so concerned and turned off from politics in general, I mean I don't feel like it matters, blue MAGA, amirite, etc etc and so on stuff like that.
If you lead off right away with kakistocracy democratic Marxism social justice you're gonna get all these Lemmy people saying fuck yeah Marxism let's get some Marxism and social justice up in here, but you're wrong tho Biden WISHES he was a Marxist, anyway viva la revolución
Wow, that didn't take much prodding... xD
IDK what's up with Jared Bernstein or why he apparently fucked up trying to answer a question from Stephanie Kelton's documentary.
But the other half of the claim this story is making is that Janet Yellen "gets basic econ wrong" because she doesn't like supply side economics.
Yellen also claims that “trickle down tax cuts” don’t fuel economic growth and only benefit the wealthy. Yellen is attacking Supply Side Economics, which economists have embraced for centuries. Statistics prove the economists’ version of Supply Side Economics.
Secretary Yellen gave a speech in Kentucky recently. Yellen announced that the Biden administration will implement what she refers to as Modern Supply Side Economics. This so called modern theory is really just a rehash of what economists refer to as “industrial policy”, mixed with investment in infrastructure. The traditional industrial policy favored by the Biden administration has a dismal track record globally.
Does it, though?
The big complaint that according to them goes against what economists have embraced for centuries, is that Janet Yellen wants to invest in infrastructure, instead of giving more money to the wealthiest people and then it'll trickle down?
All economists know that supply side effects of tax cuts really exist, we just disagree over the strength of these effects. Yellen is playing like a trick here. Some Republican politicians have exaggerated supply side effects of tax cuts, by claiming that their tax cuts will produce overnight miracles. Harvard economist Martin Feldstein pointed out the difference between statistically proven Supply Side Economics and the disproven politicized version of Supply Side Economics decades ago. Yellen surely knows all of this. Yellen is guilty of using the Strawman Fallacy to dismiss a sound alternative to Biden’s absurd industrial policies.
I don't have time to dig up the chart decade by decade of every single economic metric affecting both macro-scale economic well being, and individual well being for working people, and showing that during times of tax cuts for the wealthy every single one of them gets worse and during times of taxing the wealthy to fund doing other things with the money they all tend to get better, but that's what happens. It's almost comical how strong the correlation is and how universally it impacts every single metric.
I'm always surprised when these weird freaks believing in trickle-down economics actually exist. Morons who still worship at the fecal stained feet of dementia Reagan.
If we give it a few more generations wealth will certainly begin to trickle down.