Trump firmly embraces supply-side economics
Yesterday Trump embraced torture, despite its long standing reputation of failure.
Today Trump went all-in for supply-side economics by appointing its most dedicated disciple - Larry Kudlow.
What kind of economic policies would the general public embrace? Large majorities want to see the rich pay higher taxes -- exactly the opposite of what Kudlow wants. Infrastructure investment is popular too, as are minimum wage hikes and a variety of antipoverty programs.
Kudlow is on record for predicting that Trump's tax cuts will pay for themselves, a position that literally no economists agrees with.
"I think this thing is going to pan out better than almost anybody thinks. The deficit is going to be much lower," Kudlow said. "This thing is going to pay for itself."
To be fair to Kudlow, being wrong about the economy is sort of "his thing".
First of all, Kudlow is a one-trick pony.
The purest supply-siders, like Kudlow, go further and deeper in their commitment. Kudlow attributes every positive economic indicator to lower taxes, and every piece of negative news to higher taxes. While that sounds absurd, it is the consistent theme he has maintained throughout his career as a prognosticator. It’s not even a complex form of kookery, if you recognize the pattern. It’s a very simple and blunt kind of kookery.
So when you have someone pretending to be a serious economist, that also adheres to a failed economic theory like a priest in a dying religion, the results are predictable.
In 1993, when Bill Clinton proposed an increase in the top tax rate from 31 percent to 39.6 percent, Kudlow wrote, “There is no question that President Clinton’s across-the-board tax increases … will throw a wet blanket over the recovery and depress the economy’s long-run potential to grow.” This was wrong. Instead, a boom ensued. Rather than question his analysis, Kudlow switched to crediting the results to the great tax-cutter, Ronald Reagan.
...He began to insist that the housing bubble that was forming was a hallucination imagined by Bush’s liberal critics who refused to appreciate the magic of the Bush boom. He made this case over and over (“There’s no recession coming. The pessimistas were wrong. It’s not going to happen. At a bare minimum, we are looking at Goldilocks 2.0. (And that’s a minimum). Goldilocks is alive and well. The Bush boom is alive and well.”) and over (“The Media Are Missing the Housing Bottom,” he wrote in July 2008). All of this was wrong. It was historically, massively wrong.
When Obama took office, Kudlow was detecting an “inflationary bubble.” That was wrong. He warned in 2009 that the administration “is waging war on investors. He’s waging war against businesses. He’s waging war against bondholders. These are very bad things.” That was also wrong, and when the recovery proceeded, by 2011, he credited the Bush tax cuts for the recovery. (Kudlow, April 2011: “March unemployment rate drop proof lower taxes work.”) By 2012, Kudlow found new grounds to test out his theories: Kansas, where he advised Republican governor Sam Brownback to implement a sweeping tax-cut plan that would produce faster growth. This was wrong. Alas, Brownback’s program has proven a comprehensive failure, falling short of all its promises and leaving the state in fiscal turmoil.
Basically, Kudlow is to economics what neocons are to foreign policy.
He is always and forever wrong about everything, while completely unable to acknowledge his failures.
Basically he's perfect for a Trump White house.
Comments
Bring taxes back to Eisenhower levels.
After all, no one needs 100 billion dollars.
Modern education is little more than toeing the line for the capitalist pigs.
Guerrilla Liberalism won't liberate the US or the world from the iron fist of capital.
Except me, of course!
Except me, of course! /s
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
Consistency.
The one thing you can rely on in this Administration is not only that they will select the exact wrong person for any task -- a profoundly, mind-bogglingly stupid person -- but also that that person will have the additional handicap of actually looking at least as stupid as he or she is. It's a visual marker in an age of visual communication. There's usually a swagger of confidence to each individual ('cuz stupid people always think they're brilliant), but they look like cartoons whenever any counter-evidence is brought to the discussion.
eight years from now
He'll be in the Trump Administration when Trump leaves office eight years from now.
"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar
"All power corrupts absolutely!" -- thanatokephaloides
A TV President
with a TV cabinet! USA, USA, USA!!!
Only a fool lets someone else tell him who his enemy is. Assata Shakur
Nice title gjohn
I thought you would be talking about how our increase in torture, will lead to an increase of those who hate us, which in turn fuels the MIC, which need more people to kill.
Regardless of the path in life I chose, I realize it's always forward, never straight.
Wait til he tap's Kramer for some position
then we'll truly know the end is here.
I never knew that the term "Never Again" only pertained to
those born Jewish
"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"
Heard from Margaret Kimberley
Kudlow is Opus Dei.
http://www.newsweek.com/larry-kudlow-donald-trump-economic-adviser-459226
At the top, Opus Dei is a secret society of international plutocrats.
A March 12-13 conference at Rome’s Opus Dei-run Santa Croce University
included a paper on gender theory during a panel chaired by Archbishop
Georg Gänswein, Prefect of the Papal Household for Francis. Gender
theory is a right-wing euphemism for anti-LGBTQ activism.
Betty Clermont