Who can fix the US economy?

The Real News article Who can fix the US economy? provided access to an interesting video. (Do not forget The Real News fund drive.)

Uploaded by AlJazeeraEnglish on Dec 15, 2011 With high unemployment and widening inequality in the US, the 2012 presidential hopefuls battle over financial strategy. Inside Story US 2012 discusses with Tim Dickinson, Rick Perlstein; and Mark Calabria.

I was a little surprised that they included Mark Calabria from The Cato Institute, a place full of whackos if there ever was one. They handled him almost as well as Faux News would handle any liberal they would allow on their network.

Nobody corrected him, but Mark Calabria is totally wrong to suggest that Keynes would be in favor of high income tax cuts as a way to stimulate the economy. Low income tax cuts may be better than high income ones, but they are still not the best stimulus. Massive hiring of people by government instigated work projects is something that Keynes would have favored and something that Obama did not try. It is not just government spending that Keynes promoted, it was a specific kind of spending. Tax cutting is a form of government spending, but it is not the form that Keynes advocated.

By the way, for a long time I thought that existential was a fancy word that had a meaning so vague I didn’t really comprehend what it meant. At some point I realized what a simple word it was. An existential question is a question about whether or not the entity under consideration can continue to exist. What can be more stark and not-vague than that?

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