21/9/10
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png)
This is one thought I've had about the weekly topic, and hence I figured it's worth floating here.
I have been reading the history of a particular country. It was founded on the basis of multiple distinct and feuding small polities which while not in any kind of war against each other preferred most often to hang separately as opposed to fighting a major enemy. Then they end up pissing off the wrong guy and he nearly destroys them. They rebuild from this and start to change, but then there's a major cultural crisis at the center. The result is a completely different person, a foreigner now rules.
( cut for FLs )
_____________________________________________
Now, given that the topic is bias and misinformation, what history have I just given?
I have been reading the history of a particular country. It was founded on the basis of multiple distinct and feuding small polities which while not in any kind of war against each other preferred most often to hang separately as opposed to fighting a major enemy. Then they end up pissing off the wrong guy and he nearly destroys them. They rebuild from this and start to change, but then there's a major cultural crisis at the center. The result is a completely different person, a foreigner now rules.
( cut for FLs )
_____________________________________________
Now, given that the topic is bias and misinformation, what history have I just given?
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png)
So, good news, folks - The recession is over! All hail the economy, and such. Even better, the economy's been out of recession for well over a year now! Rejoice! Can you feel the heat from that slow economic burn? Don't touch the economy! It's hot!
But seriously, we now have two issues facing us in regards to that "much-needed" stimulus package as opposed to the one I intended to post about today.
1) The stimulus package was passed in February 2009. According to Mark Zandi's research (Zandi being a reference for the theoretical multipliers that justified the stimulus), a whopping $53 billion of stimulus was paid out through May of 2009, only $7 billion of which went toward tax cuts. This raises two questions:
a) If the stimulus was the cause of the recovery, did we need $800b when such a little bit would do instead?
b) Did we really need the stimulus at all if, as the NBER has noted, we were already coming out of the worst of it by the time the government passed the stimulus bill.
Of course, the answer (one that many of us already knew) is that this is more definitive evidence that the stimulus wasn't necessary. But if you have an argument against these ideas, let's hear them.
2) I found two blog posts that really detailed the failure of the stimulus. The two posts can be found here and here. It's worth reading, but a couple quick excerpts:
It's hard to argue that the entire basis for how and why it would work wasn't an error (but many of us already knew that). The reality is that the use of these multipliers to justify poor policy - and make things worse - is not resulting in good news for us as an informed nation and end up making us have discussion after discussion about these sorts of stimulus fantasies with no historical evidence of success to support them. And yes, using bad multipliers to say that tax cuts stimulate is no better - they're prone to the same errors and require the same guesswork.
The reason that the response to the financial crisis should have been geared toward businesses and taxes was not because it would have a "more stimulating effect," but because the fiscal health of this nation is predicated on the private sector. We've ignored the private sector for two years, and we've seen them keep their wallets closed as they wait to see the results of the latest boondoggles in health care reform, financial reform, and the possibility of lame duck session activity on cap and trade and card check.
When are we going to learn?
But seriously, we now have two issues facing us in regards to that "much-needed" stimulus package as opposed to the one I intended to post about today.
1) The stimulus package was passed in February 2009. According to Mark Zandi's research (Zandi being a reference for the theoretical multipliers that justified the stimulus), a whopping $53 billion of stimulus was paid out through May of 2009, only $7 billion of which went toward tax cuts. This raises two questions:
a) If the stimulus was the cause of the recovery, did we need $800b when such a little bit would do instead?
b) Did we really need the stimulus at all if, as the NBER has noted, we were already coming out of the worst of it by the time the government passed the stimulus bill.
Of course, the answer (one that many of us already knew) is that this is more definitive evidence that the stimulus wasn't necessary. But if you have an argument against these ideas, let's hear them.
2) I found two blog posts that really detailed the failure of the stimulus. The two posts can be found here and here. It's worth reading, but a couple quick excerpts:
( The most important things to understand about the Recovery Act )
It's hard to argue that the entire basis for how and why it would work wasn't an error (but many of us already knew that). The reality is that the use of these multipliers to justify poor policy - and make things worse - is not resulting in good news for us as an informed nation and end up making us have discussion after discussion about these sorts of stimulus fantasies with no historical evidence of success to support them. And yes, using bad multipliers to say that tax cuts stimulate is no better - they're prone to the same errors and require the same guesswork.
The reason that the response to the financial crisis should have been geared toward businesses and taxes was not because it would have a "more stimulating effect," but because the fiscal health of this nation is predicated on the private sector. We've ignored the private sector for two years, and we've seen them keep their wallets closed as they wait to see the results of the latest boondoggles in health care reform, financial reform, and the possibility of lame duck session activity on cap and trade and card check.
When are we going to learn?
Political Channel-Surfing
21/9/10 18:37![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png)
I know the debate over the nature of the Tea Party is ongoing, but I'd like to avoid that and discuss the more long term implications for both of the established parties.
An Op-Ed in Reason(a right-wing periodical) asked an interesting question that I'd like to get your(the denizens of
talk_politics) take on.
Christine O'Donnell win a sign that the GOP will no longer tolerate "Moderates" or a sign that the GOP has to shutup about social issues?
For those outside the US Christine O'Donnell has made headlines by ousting Mike Castle a Republican Moderate in Delaware's Senate Primary. This is the first case of the Tea Party taking down a moderate Republican at the Federal level, and the talking heads on both sides are understandably shocked.
Now, some of Ms. O'Donnel's positions are a wee bit crazy, but as Reason pointed out she did not run on the Masturbation and Witchcraft platform, she ran on reducing spending.
With Congress' approval ratings in the toilet, the 2010 Senate races are generally thought of as "being the GOP's to lose". So is her nomination proof that crazy is contagious, or an endorsement of her campaign platform?
If the Dems do take the drubbing that some are predicting will it force the American left to reassess?
Either way I am feeling oddly optimistic.
An Op-Ed in Reason(a right-wing periodical) asked an interesting question that I'd like to get your(the denizens of
![[livejournal.com profile]](https://www.dreamwidth.org/img/external/lj-community.gif)
Christine O'Donnell win a sign that the GOP will no longer tolerate "Moderates" or a sign that the GOP has to shutup about social issues?
For those outside the US Christine O'Donnell has made headlines by ousting Mike Castle a Republican Moderate in Delaware's Senate Primary. This is the first case of the Tea Party taking down a moderate Republican at the Federal level, and the talking heads on both sides are understandably shocked.
Now, some of Ms. O'Donnel's positions are a wee bit crazy, but as Reason pointed out she did not run on the Masturbation and Witchcraft platform, she ran on reducing spending.
With Congress' approval ratings in the toilet, the 2010 Senate races are generally thought of as "being the GOP's to lose". So is her nomination proof that crazy is contagious, or an endorsement of her campaign platform?
If the Dems do take the drubbing that some are predicting will it force the American left to reassess?
Either way I am feeling oddly optimistic.