Up is down! Black is white! Keynes is Friedman! It’s like we’re living in economic Bizzaro World!
First, there’s this:
Maybe a higher minimum wage isn’t so bad for job growth after all.
The 13 U.S. states that raised their minimum wages at the beginning of this year are adding jobs at a faster pace than those that did not, providing some counter-intuitive fuel to the debate over what impact a higher minimum has on hiring trends.
And now, there’s this:
The big takeaway: There is a clear connection between economic inequality and low-tax, low-cost state business climates (or, more accurately, business climate indexes based on those factors). As they put it: “The same tax and cost related indexes that are associated with higher economic growth are also associated with increases in inequality.”
Omigod, it’s like everything the supply-siders have been telling us for the past 40 years is wrong! A higher minimum wage does not decrease economic growth, and a rising tide does not raise all boats!
Who’da thunk?
And I was so sure this was going to be the year for Good Space Guy but there’s his candidate statement:
Goldy hijacked this…
Are those FULL-TIME jobs Goldy? In June the BLS stated quite factually 275,000 part-time jobs were added of the 288,000 reported jobs.
just axking (Jess Jackson speak)!
Who’da thunk? Anyone with critical thinking skills, that’s who. Supply side economic theory was discredited (to the extent it had any credibility to begin with) some time during the Clinton administration when the economy did quite well after taxes were raised on the upper income bracket earners. The problem though is that we’re using the wrong metric to evaluate supply side economics success/failure. It was never intended to actually improve the economic well being for the majority of people. No, its main purpose and utility was and continues to be as a plausible rationale for cutting taxes on the wealthy. That is why it remains to this day, because it has been very successful at providing pundits and pols with talking points on why cutting taxes on the wealthy is good for the country as a whole. That it is all a bunch of hooey doesn’t matter, especially when it is coupled with race-coded language on how cutting taxes is also a way to reduce government fraud and waste so as to keep welfare cheats (wink wink) from stealing your tax money.
“Are those FULL-TIME jobs Goldy?”
…and — will they last for eternity?
@3 “Anyone with critical thinking skills, that’s who.”
Well, that leaves out Puddy, who has four knees that all jerk at the same time.
Low wages are a tax on the poor that transfers wealth to the rich.
And Clinton lost the Congress. Then they passed tax cuts… DUMMOCRETINS screamed Republicans would be starving school children (LIE). He signed it. http://www.heritage.org/resear.....1990s-boom
FACTS! Explode IDIOT Wabbit minds who can’t process facts critically or generically!
“The capital gains tax was in fact cut in 1997. But the boom and the improvement in the budget deficit long predated that event.”
http://economix.blogs.nytimes......&_r=0
,,,,,,,,,,,,,,,,,,,,
And here’s to departed HA troll “Mark the Redneck,” gone but not forgotten, who claimed that cutting taxes always increases revenue.
Supply-side economics and teabagging GOP politics can never fail. They can only be failed.
Can anyone explain how supply-side is supposed to work when the economy’s problem is lack of demand?
What is the role of,government in the economy?
@12 Without laws and courts, only a caveman economy could exist.
Bill Clinton in 1995 ”Probably there are people in this room still mad at me at that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much, too.” So much for that great tax increase making the economy “hum”!
@12. A role of goverment in the economy is to act like a referee in football. Without a referee to enforce rules, it devolves into thugs beating and killing the smaller players then going into the stands and robbing the spectators. It’s not picking winners and losers, but it is making the players play fair so the less strong or the individual has a chance at the American dream.
Another aspect of Government is to deal with the things that are too big and too powerful for the individual to deal with.
Back at you Jack, what is YOUR vision for the role of government in the economy?
“Bill Clinton in 1995 ”Probably there are people in this room still mad at me at that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much, too.” So much for that great tax increase making the economy “hum”!”
Notice he didn’t apologize for raising taxes, just for raising them “too much”? Nope, didn’t think so.
Also, if you want to tell us all about the privation and economic collapse of the late ’90s, please go right ahead; it would be amongst the most accurate of your writings.
Jack, last chance, before this drops off…
What is YOUR vision for the role of government in the economy?