The Perennial Sloppiness of the News Journal Editorial Page
Let us count the ways:
1. Sunday’s paper had a couple of UD Professors of Economics firing up the noise machine for tax cuts to stimulate the economy. Even though two rounds of tax cuts moved the entire budget from surpluses to deficits — and structural deficits at that — that absolutely, positively never paid for themselves. Not in terms of government revenues, not in terms of GDP growth, not in terms of market growth — the only things that grew during this period were the wars we fought (not paid for), the incomes of wealthy people (who got a river of taxpayer money) and the housing bubble (nuff said). There’s a reason why these guys had to do this on a editorial page. And all of you kids out there looking to study economics? Keep away from these two guys. Or even better — ask them to show their homework in explaining how the last tax cuts paid for themselves and employed tons of people overnight. If you can get them to explain it, we’ll post it up here.
2. Who does their cartoons? There is one up on their website now called Corp[sic] (of Engineers) Values. For the life of me I can’t figure out what this is supposed to be saying. Maybe its the doodle quality of the thing (which most of them have). Really NJ, pay the fee to put up Rob Tornoe’s work and double the collective wit on your page.
3. Then there’s Harry Themal’s piece today where he doesn’t seem especially clear on the point that reconciliation is not going to pass the entire health care reform bill, but it will be used to pass the compromise fixes to the Senate bill if the House can pass it. But even better, he talks with our Congressional delegation about the dysfunction in the Senate. Carper doesn’t seem to think that the rules need changing, Kaufmann thinks they should change with each new Congress (they already do) and Castle delivers the kind of BS pablum that gets him his “moderate” cred:
“With true compromise and civility, there would be less need to consistently block the efforts of the other party by holding up a vote or blocking amendment consideration as is so common today.
The next question should have been — And what have you done recently in the House that might demonstrate to people that you’ll be committed to *compromise and civility* rather than what Mitch McConnell wants? Because really, voting mostly with your party certainly doesn’t provide any evidence of compromise. And really, journalists, you have to start asking this question and stop making pretend that Mike Castle has any moderate cred left. A man who has been voting largely with his party should be quizzed in detail on how his behavior will be different in the Senate. Because more of the same obstructionism is not what anyone needs.
The NJ’s cartoonist, Jack Jurden, has been doing that gig for years. It’s pretty much generally acknowledged in the newsroom, aside from the editorial offices, that his cartoons (a) don’t make much sense, (b) are full of inside jokes, (c) aren’t funny or (d) all of the above. But no one’s going to tell him to hang it up.
LOL.. Prof Seidman wrote a whole book advocating putting Social Security money in the stock market…. in 1999. I see he still hasn’t learned his lesson.
Apparently they are in favor of Bush style tax rebates. Was there anybody in America Bush did not write a check to in his quest to stay in office?
Left unsaid is that there is no way consumer tax rebates get passed without giant tax cuts for the rich attached.
I was going to keep researching to find out just how wingnut GOPer these guys were, but after that I just don’t have the heart for it.
Kids, stay away. Or better yet, learn some real economics and challenge these dopes in class.
The Repuk’s always say and are saying it again that Tax Cuts create Jobs. Well Bush cut taxes twice and where are the jobs? The stupid Dem’s never point this out maybe they just don’t know.Who can blame them we gave them the White House and both houses of congress and they still can’t get anything done.This party needs leaders like FDR,HST and LBJ folks who wern’t afraid to mess up some feathers.and all of them got great things done without 60 votes.
Siedman is an old school liberal, but he is a rational economist. So first you moonbats will call him a “Repuk” and then a heretic.
if you search his name at Barnes & Noble you will find he has written dozens of books (Economics,Public Finance, Tax Policy)
Ignore the one titled “Liberal Wine in Conservative Bottles”, you will hate that one cause he doesn’t advocate smashing bottles on republican heads.
OK, shot from the hip, admittedly. I make no pretense of having evaluated Seidman’s whole work apart from the News Journal article and the 1999 book.
The News Journal article advocates $600 billion in consumer incentives, which they insist must come in the form of tax cuts. There are apparently unicorns involved:
The reason this tax cut works in their model is because it is temporary. So it is left to a future generation of politicians to raise taxes on the poor and working class. Riiiiiiiight.
What they are really pointing out, but refusing to acknowledge, is that we need another $600 billion stimulus. Or perhaps less, considering that a properly done stimulus has an amplification effect. And considering that we still haven’t felt the full effects of ARRA.
Well it isn’t as though Phuny knows anything about Seidman’s work other than titles to books. Apparently the one he cites is about issues conservatives and liberals could agree on. Which is hardly liberal.
And anon makes a good point — that this article works more as a justification for more stimulus rather than whatever the unicorn plan is.
Not to be entirely unfair to the good professors, raising/lowering taxes is actually a
bettermore powerful economic lever than spending cuts/increases – IF you have an economic czar who can raise or lower tax rates as needed based purely on good technical economics (i.e., a unicorn). That’s why tax cuts work in the models but not in real life. It is an ivory tower thing.The tax cuts don’t work especially well as stimulus in the models, either — they are almost always surpassed by direct spending on specifics. Tax rebates — once the spending is done — is better than tax cuts generally but still direct spending gets more bang for he buck.
The best stimulus is actually putting money in people’s hands – like WIC or unemployment benefits.
There should be tax cuts….for the middle class and small business. But these fat cats want even more for the 2% robber barrons richest piglets in the country. Can you imagine if the repukes had been successful in putting social security in the Wall Street coffers? Just like our pension plans, retirement portfolios were used to back up their ponzi schemes, the public got screwed. I keep wondering if the democrats are more concerned with keeping their offices than they are in making good, lasting long term legislation that will take the country forward. They act like they want to loose big in 2010 and 2012. I tell you its that small cadre of “advisors” surrounding Obama keeping him from doing what he promised. Some blogs say there is a major fight between Axelrod and Rahm the Hammer. Axelod and Plouff want to go forward with Obama’s promies, while Rahm who not only helped the blue dogs get elected, use them as his personal power base.
I don’t think this economy is going to get better. Some economists say another “robber barron hit” is coming, cuz nothing was done to stop them from committing the same crimes that brought this economy to its knees. If Obama doesnt get rid of Rahm, Summers, Geitner soon, he should kiss a 2nd term goodbye!
Awesome post. The NJ death spiral is too sickening for me to observe first hand.
Maybe Gannett will pay DelawareLiberal $40 million to take the NJ off its hands…
Doesn’t somebody in the Delaware blogosphere already own a publishing company? That might be a place to start. 😉
That’s just crazy enough to work. Coastal Sussex should buy the NJ.
Touche. You win.
Now you two–don’t discount the Penny Saver.
I can be someone’s own personal blogger for only 1/4 the price of the News Journal. I’m a bargain!
Thanks for the kind words Cassandra! If Gannett paid me $40 million, I’d gladly draw cartoons for them.