Reich’s right, again: Budget deficits are NOT the problem


Robert Reich‘s so good he can dispense wisdom in four 140-character Tweets:

His three following Tweets:

1. The real issue is ratio of deficit to total economy. If economy grows, deficit shrinks in proportion. That’s why austerity dangerous.

2. Public investments in education, infrastructure, and basic R&D should be made regardless, if public return is greater than their cost.

3. Biggest driver of future deficits rising healthcare costs (Medicare & Medcaid) but they’re slowing, so deficit projections exaggerated.

Three simple points.

Robert Reich speaks at the World Affairs Council

Robert Reich speaks at the World Affairs Council (Photo credit: tharpo)

To get more people to understand those points, Reich and his friends want to put out a film — but they need cash to finish it off, and they ask for your contribution

Alas, I can’t embed the proprietary video format here on WordPress. So you’ll have to go to the KickStarter site to see the trailer and money plea. Please do.

Print it out on a 3 x 5 card for your boss, if you’re the secretary to a Member of Congress, eh?

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4 Responses to Reich’s right, again: Budget deficits are NOT the problem

  1. JamesK says:

    Don’t forget their remaining cases of Romnesia.

    Like

  2. Jim says:

    Ah, bashing academia is all the extreme right and the libertarian anarchists have left.

    Well, that; free-market fairy dust and a generous helping of conspiratard fulmination.

    The first poster in the thread appears aptly named.

    Like

  3. Ed Darrell says:

    Oh, Reich’s an academic idiot. He could not so much as successfully manage a hot dog stand He has not produced so much as 1 dollar of wealth in his life.

    As all Rhodes Scholars are idiots, I’m sure.

    Reich’s management of the Department of Labor is one of the better chapters on leadership in federal government.

    Borrowing to build businesses works well. That’s how Ford got started, and GM. That’s how we built the Transcontinental Railroad. Borrowing money to build great things is how we built most of America after World War II — see the mortgage aid provisions in the GI Bill.

    It’s absurd to claim that government spending doesn’t stimulate those businesses where the dollars land. Money has no smell, you know?

    Reich is a Berkeley professor, and a lawyer (if his MA is in economics, it’s from Oxford), and he’s written a couple of books explaining why he’s right, in great detail.

    We’re absolutely certain that we cannot cut federal spending to make America prosperous. When we did that in the Bush II administration, it produced a depression. When Greece started down that road, it deepened their recession. When Herbert Hoover did it, it killed the economy.

    Other than snark about Reich, got any relevant comments? Have you ever studied history, or economics, or government?

    Like

  4. whatafool says:

    Oh, Reich’s an academic idiot. He could not so much as successfully manage a hot dog stand He has not produced so much as 1 dollar of wealth in his life. He is yet another parasitic member of the Democrat’s Nomenklatura.

    The most obvious signal about his idiocy (and yours) is this casuistry about deficits.
    Of course what matter is the deficit relative to the economy, THAT is just what people are talking about: the relative relationship. It is TOO HIGH. Sheesh.

    More to the point, it is not just debt but aggregate government debt and liabilities. One cannot long spend more than one owes or earns.

    as for “education” and :research”, well these people are not doing their jobs. They are schools of indoctrination, and the research community has been cooped by the left. Just look at the nonsense in global Warming and “Sustainable Growth”. Reich is part of another special interest group out rattling the cup fro more monies. The glory days of American innovation came mostly from the private sector, and, contrary to what the Left says, that includes the internet.

    It is absurd to claim that government produces wealth–it takes it.

    It is absurd to listen to a Harvard “economist” about wealth creation.
    It is like listening toa rapist about sexual liberation.

    reich is living in the past, and that past was about squandering the winhereted wealth. We are paying th price for it now.

    The Democrats are corrupt, and the cover up that corruption by imaging a false past around the New Deal and the Democrat glory years of the cold war.

    They are going to take America down, which is, of course, what they truly want.

    Like

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