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Pragmatic Capitalism

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Larry “Ban Cash” Summers the Idiot Speaks Again

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Wow, the ruling liberal elites are just not going to go quietly into the night. I can’t bear to look up what “Krugtron the Invincible” (Paul Krugman) must be writing.

”Summers said the economic growth agenda laid out by the incoming heads of Trump’s National Trade Council and Commerce Department goes “well beyond voodoo economics. The logic of it – the arguments made – are so far out of the mainstream of any kind of responsible economic thinking that they are the economic equivalent of creationism.””

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Posted by MachineGhost
Posted on 01/04/2017 2:34 PM
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He also said the “economic risks” are being underpriced by the market. Not sure what he’s referring to here other than us continously flirting on the precipie of a recession which might as well just have been from lack of confidence due to Obama’s overregulation.

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Posted by MachineGhost
Answered on 01/04/2017 2:37 PM
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    They’re just expressing their biases. Republicans did plenty of that when Obama was running things and now the Democrats will do it. Krugman is particularly biased which is unfortunate because he’s a solid economist. But let’s not act like there haven’t been plenty of biased Republicans doing the same thing for 8 years under Obama. I mean, this has been a pretty solid overall economy for 8 years when we consider where we’re coming from and the guy gets no credit for anything from the Republicans. Yeah, he deserves criticism on certain things (like Obamacare, and I said so at the time), but the degree of bias from both sides is pretty shameful.

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    Cullen Roche Posted by Cullen Roche
    Answered on 01/04/2017 6:00 PM
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      I can’t find Cullen’s opinions at the time on the ACA, except references that he should have gone for more fiscal stimulus and less health care. But in the long run all real growth comes from intellectual capital, which is enhanced by increased spending on health care (a greater increase comes from education and scientific research). Measuring the impact of improved health care on potential production is difficult and imprecise, but it is certainly positive. As long as the output gap is negative (we are below potential production) spending on intellectual capital will always have a multiplier > 1, although for real long term investments, like scientific research or pre-K education, it will take decades for the apparent multiplier to reach higher levels. Politics doesn’t have the ability to think in different time frames as science does and so we are politically unable to see the forest for the trees.

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      Posted by John Daschbach
      Answered on 01/06/2017 11:04 PM
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