Jasper Smith

Commentary on politics, economics, culture and sports.

Archive for December 30th, 2008

A Senator Supports Neo-Hooverism

with one comment

Kevin Drum (quoting Tim Fernholz) reports that Kentucky Senator Mitch McConnell is worried about protecting the taxpayers from the new administration’s plans to right the economy:

A trillion-dollar spending bill would be the largest spending bill in the history of our country at a time when our national debt is already the largest in history,” McConnell, a Kentucky Republican, said in a statement. “As a result, it will require tough scrutiny and oversight. Taxpayers, already stretched to the limit, deserve nothing less.

It goes without saying that among other deceptions McConnell is well-aware he’s using is misleading language with respect to the country’s debt. Yes, it is true that if you count money owed to future retirees national debt is quite high, but the more relevant public debt figure is about the same percentage of GDP as it was at the beginning of WWII (you know, the same war that, as Krugman puts it, finally provided a stimulus large enough to get the country out of Depression once and for all).

This is not an argument against getting our fiscal house in order to deal with entitlements, by the way — it’s something we need to do (most pressingly, healthcare reform, as Social Security’s problems are easily repairable) after we’ve restored the economy to health. It’s just an argument against letting ideologues like McConnell demagogue the country into a repeat of the 1930s

Advertisements

Written by Jasper

December 30, 2008 at 3:04 pm

Posted in Miscellania