CNBC has an interview with Gabriel Gomez on his supposed plan for growth.
The last thing we need is a another vulture capitalist who thinks that running a business is the same thing as running a national economy. These guys are so sure that they know how to do it, mainly because they know nothing of macro-economics. They are probably not even aware of this field of economics.
We all want economic growth, but there is a difference between someone who actually knows something about a national economy and a quack practitioner who gives you assurance, but does not have the required qualifications.
Could the people of Massachusetts actually elect another disastrous Senator like they did with Scott Brown? Why should the ordinary citizen understand economics any better than the fool economics professors at Harvard? Maybe there is something to the claims of elitism in Harvard. If only the average voter could understand what the economists at UMass Amherst know (and MIT, Princeton, UCal Berkeley, UTexas Austin, and some at Harvard – the people who don’t fudge the data to prove their point).
Keynesian economic theory has two things going for it. The explanation of why it works is very logical. The history shows unequivocally that it works.
On the other side is national Austerity which is totally illogical in why it ought to work. And history has proven time and time again that it makes things worse rather than better. It even makes the debt go up while it strangles the economy.
New England drivers ought to know from experience that if your car is skidding on ice, you do not stop faster by slamming on the brakes. Slamming on the breaks makes your car lose traction even faster than doing nothing. This is quite similar to how austerity makes the debt grow because the national income drops faster than the cuts in spending.
I have been in the very driving situation described above. My foot just wanted to press harder on the brakes, but my head kept telling me to take my foot off the breaks. It is very hard to give control to your brains instead of your gut when you are in a panic. I failed to let my head take control, the car spun around, and had to be winched out of a snow bank at the bottom of a hill. Luckily I survived to talk about it.
If this country fails, it will not be because its citizens kept their cool in a difficult situation. It will be because we panicked.