The really sad part is that the wonks(although in this instance that description would be a step up for them) in this administration are totally misconstruing and bastardizing both macro and micro and have no clue and no vision about intermediate and long-term consequences of their feeble and ineffective policy decisions and pie in the sky assessments of the economy.
It's like watching the literature professor from Animal House espouse economic theory after 2 hours of smoking pot with Katie.
The world is filled with examples of how countries ignore the principles of life and expect good outcomes.
Take Europe, specifically Germany, who got in bed with the Russian bear to buy energy via NordStream I/II - one does NOT buy critical strategic materials from an enemy who controls the tap.
[Ahh, America, this includes you and China. Get on the stick.]
Germany, not content to only cede Russia control over its economy, compounded the problem by decommissioning most of its nuclear power plants due to green considerations.
Germany literally went from complete control of its energy to zero control made worse by conceding control to Putin and Russia. Sound familiar? Remember when the US was energy independent and gas was $1.52/gal. No lie -- paid $1.52/gal on Inauguration Day in Tuscaloosa, Ala at Sam's Club enroute to Savannah.
That is a special kind of stupid.
As to being wrong on economics, this admin is not content with just being wrong, they are actively doing missionary work to try to get us to believe gross misinformation and disinformation.
For months -- when the inherited 1.4% inflation rate lay in tatters on the White House Oval Office floor -- Janet Yellen (cheered on by a dozen or two of Nobel laureates including her bloody husband) kept telling the world that the increase in inflation was TRANSITORY.
For goodness sake, Janet -- transitory? You can't castrate US energy and expect it and the economy to prosper. You did this. Own it. In one week, you wrecked the US economy that had been the best since 1776.
These DC folks are both the most ill-equipped and policy vengeful people to have ever run DC. They do not care a whit that you are struggling to buy groceries and gasoline.
"Buy a bloody EV, you wankers. We want gas to go to $8/.gal to support the 'transition.'"
I bought the transitory argument for a bit myself. Clearly, Covid wrecked supply chains. But, it was far deeper than that and cheap money, along with a massive unprecedented peacetime ramp up in government spending exacerbated the problems to such an extreme it was impossible not to come back. Combine that with the all out assault on not only the oil industry, but every industry via the regulatory state and you have rampant inflation. Not only are their economics wrong, but their strategy is terrible as well. Unless you want to break stuff.
To me, people who start shooting their mouth off about "price gouging" and "greedy corporations" are the equivalent of flat-earthers. They literally know nothing about economics.
Bernie Sanders is one dangerous individual, and should be kept as far away from any governmental levers of power as possible.
I would make basic economics (macro and micro) a requirement of every high school program in the country.
The really sad part is that the wonks(although in this instance that description would be a step up for them) in this administration are totally misconstruing and bastardizing both macro and micro and have no clue and no vision about intermediate and long-term consequences of their feeble and ineffective policy decisions and pie in the sky assessments of the economy.
It's like watching the literature professor from Animal House espouse economic theory after 2 hours of smoking pot with Katie.
Good one!
I'd espouse any theory after two hours with Katie.
Great writing and discussion as usual.
The world is filled with examples of how countries ignore the principles of life and expect good outcomes.
Take Europe, specifically Germany, who got in bed with the Russian bear to buy energy via NordStream I/II - one does NOT buy critical strategic materials from an enemy who controls the tap.
[Ahh, America, this includes you and China. Get on the stick.]
Germany, not content to only cede Russia control over its economy, compounded the problem by decommissioning most of its nuclear power plants due to green considerations.
Germany literally went from complete control of its energy to zero control made worse by conceding control to Putin and Russia. Sound familiar? Remember when the US was energy independent and gas was $1.52/gal. No lie -- paid $1.52/gal on Inauguration Day in Tuscaloosa, Ala at Sam's Club enroute to Savannah.
That is a special kind of stupid.
As to being wrong on economics, this admin is not content with just being wrong, they are actively doing missionary work to try to get us to believe gross misinformation and disinformation.
For months -- when the inherited 1.4% inflation rate lay in tatters on the White House Oval Office floor -- Janet Yellen (cheered on by a dozen or two of Nobel laureates including her bloody husband) kept telling the world that the increase in inflation was TRANSITORY.
For goodness sake, Janet -- transitory? You can't castrate US energy and expect it and the economy to prosper. You did this. Own it. In one week, you wrecked the US economy that had been the best since 1776.
These DC folks are both the most ill-equipped and policy vengeful people to have ever run DC. They do not care a whit that you are struggling to buy groceries and gasoline.
"Buy a bloody EV, you wankers. We want gas to go to $8/.gal to support the 'transition.'"
JLM
www.themusingsofthebigredcar.com
BTW, there is an election in about nine days and you can send these morons a lesson. Do give it consideration.
#RedTsunami
I bought the transitory argument for a bit myself. Clearly, Covid wrecked supply chains. But, it was far deeper than that and cheap money, along with a massive unprecedented peacetime ramp up in government spending exacerbated the problems to such an extreme it was impossible not to come back. Combine that with the all out assault on not only the oil industry, but every industry via the regulatory state and you have rampant inflation. Not only are their economics wrong, but their strategy is terrible as well. Unless you want to break stuff.
I think it is transitory -- THREE BLOODY HARD YEARS.
JLM
www.themusingsofthebigredcar.com
There will be an economy left.....but it's gonna be a slog. Been there done that in the 70s. Never thought we'd do it again, but here we are.
To me, people who start shooting their mouth off about "price gouging" and "greedy corporations" are the equivalent of flat-earthers. They literally know nothing about economics.
Bernie Sanders is one dangerous individual, and should be kept as far away from any governmental levers of power as possible.
I would make basic economics (macro and micro) a requirement of every high school program in the country.