Duh Economics

If I hear one more person ask how spending billions of dollars is supposed to stimulate the economy, I think I’ll scream at the top of my lungs while pulling every hair out of my head. After that, I will buy a wig, glue it to my head and continue with the hair-pulling.

I’m going to be as restrained as I possibly can here, but this is getting ridiculous. At the risk of sounding like a condescending jerk, when someone asks how spending money stimulates the economy, they show a complete ignorance of even high school-level economics. The question is as jaw-dropping to me as asking how billions of people having sex is supposed to stimulate population growth.

So then you get the argument, ‘well, this is not a stimulus bill, this is a spending bill.’ What do you think a stimulus is? That’s the whole point! — President Obama

Exactly! I’ve been saying this, almost verbatim, for a couple of weeks now. Thank you, Mr. President!

But now we’ve got people saying, “So, he finally admits that the stimulus bill is about spending.”

Excuse me while I have a facepalm moment.

President Obama no more “admitted” that the stimulus bill is about spending than a person could “admit” that air traffic is about planes flying around in the sky, or that ice is about frozen water.

But let me tell you where I think President Obama went wrong in all this: He gave too many people more credit than they deserved in assuming that they understood what the damn word means.

He didn’t “admit” to anything, as that would imply that he had previously denied or attempted to cover it up. I think he just finally realized that he was going to have to dumb it down for people who clearly weren’t grasping all the words or understanding the very basics of Duh Economics.

This is not simply a matter of perspective. This is not some sinister, liberal conspiracy to steal people’s money. The United States is in economic crisis. Police are being called to control the crowds at job fairs! This is the harsh reality of the situation.

Republicans may not like it but the way to create jobs fast is through spending. It matters when you’re wrong. A whopping proportion of the Republican rhetoric about stimulus is wrong – total economic bull puckey. It’s time to take the radical step of privileging correct information over incorrect information.

Rachel.msnbc.com

For a crash course in what economists from both sides of the aisle are saying, please watch at least the first four minutes of this, though I do recommend the entire eight minute course.

Posted by Lottie — Copyright © 2009 Rambling On

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7 responses to “Duh Economics

  • saintpaulgrrl

    I watched all eight minutes of this, Lottie, and I am now a Rachel Maddow convert. What an intelligent, dynamic commentator. Thank you for posting this for the information and education it provides.

  • Lottie

    I like the way she explains things in simple terms, using language that average people can understand.

    She’s a very intelligent woman who really knows her stuff. She has a bachelor’s degree in public policy from Stanford University, and a doctorate in political science from Oxford University. She attended Oxford on a Rhodes Scholarship which, I’m sure you know, are not just handed out indiscriminately.

  • Selma

    I couldn’t agree with you more. They are trying to pass a stimulus package in Australia at the moment but the Senate doesn’t believe it will help our ailing economy. I wonder what they think will. I watch Rachel Maddow quite a lot. She knows what she’s talking about!

  • Terra

    I am with you and Rachel on this one 110%… The best part is now I am completely sure I made the right call on “vote day” because after hearing McCain talk about this issue, I wanted to shoot my own foot…

  • Lottie

    Selma: Thank you for commenting. It’s good to see you here. And, of course, it’s always nice to meet another Rachel fan.

    You said:

    I wonder what they think will.

    I immediately thought, I wonder what they think with. 😆

    Terra: Good Gawd, I know! I listen to some of these guys and wonder if they seriously don’t know, or if they just don’t mind lying so blatantly. And I can’t decide which is worse.

  • radicalyffe

    Your post made me LOL quite a bit. Our PM has just vowed to a give a whole lot of people $950 hand outs and we’ve had everyone that’s not Labor nattering on about how K.Rudd is gonna ‘drive the country into the ground’ and about how Labor always put the country into debt by overspending, bla bla bla.

    I think the only person that had a point was Bob Brown, (Greens senator) who said that the Legislative Assembly and Senate shouldn’t be reading legislation and passing laws at 4am in the morning, because thats why the bill had a massive glaring error in it that didn’t get picked up.

    Meanwhile, the opposition refuses to acknowledge that it was their 12 years in power that set Australia up to follow the US in this here crisis. They like to imply that its the public’s fault for voting in a labor candidate.

    Besides, the amount of money is actually not that huge. I mean, I’m on a pretty decent income, but I still qualify for this ‘low income payment’ of $950. I pay $700 in tax every fortnight. Basically its a redistribution of a fortnightly income tax paymentof anyone earning more than $80K, to everyone who is earning less than $80K. It will take the government…about a fortnight(?)… to financially recover from that hand out.

  • Lottie

    Hey, Ryan! Welcome to my humble abode.

    I appreciate your comment. It’s interesting to hear how things are operating around the globe from sources other than the media.

    Glad it made you LOL. 😆

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