The headlines proclaim that Obama wants to reduce the Federal deficit in half by the end of his first term.
He is off to a crappy start.
3 thoughts on “You Are Doing it Wrong”
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Some Chicago Boyz know each other from student days at the University of Chicago. Others are Chicago boys in spirit. The blog name is also intended as a good-humored gesture of admiration for distinguished Chicago School economists and fellow travelers.
The headlines proclaim that Obama wants to reduce the Federal deficit in half by the end of his first term.
He is off to a crappy start.
Comments are closed.
Think Zimbabwe where $1 trillion dollars is not enough to buy an apple and unemployment is over 50% and Keynesians run the economy.
People starve to death even though (like US) Zimbabwe used to feed all its people until they were and still be a major food exporter. At that time a Zimbabwe dollar was worth a dollar. Then Jimmy Carter helped Mugabe sieze the presidency.
Since Keynes himself thought that 25% was the maximum substainable tax rate, we should be calling Obama and his associates “hyperkeynsians”. Of course what he wants to do is “halve” the defecit by increasing corporate taxation and cutting defense spending. So we will have the highest corporate taxation in the developed world, instad of, as under Bushian “laissez-faire”, the second-highest, next to Japan. (And Japan’s rate has been working out so well lately…)
Sol. didn’t they just wipe off six digits from Zimbabwean currency? Presumably they ran out of space for all those zeros. I suppose they should use scientific notation in the future.