Much (certainly not all) of contemporary economics has a pretty good idea of how the system works and fails. Scholars understand the hydraulics, as it were, of both the macroeconomy and critical subsystems such as health care.
I cannot recall reading any other economic op-ed with which I disagreed more.
I read that yesterday- simply amazing anyone could write that with a straight face. My only rational argument for how it was done is that he is attempting to buttress the facade of the present situation. I think there is a desperate attempt to support the idea that the crisis has been solved without simply sowing the seeds of the next one.
It is funny how he quotes Obama on the highest growth in a decade comment. I find myself thinking ‘please PLEASE just gloat a little bit longer.’ I’d almost enjoy a Hilary term if it takes a little too long for the crash to come.
“Hydraulics” and “sub-systems”?
“The economy is a system, and technocrats roughly know how it works, at least the part about restoring and sustaining growth, which is why our economy has recovered while others have not.”
Hey world, all your technocrats are belong to us!
Congatulations Arnold, you just made me dumber, a feat few thought possible!
It’s Krulak Mendenhall all over again. I wonder if Mr Bernstein and I even live on the same planet.
This is the Jared Bernstein of the laughable projection of the effects of the stimulus, back when the Obama administration was fresh and hopeful?