So instead of the pieces I wanted to toss out on Wisconsin, or the Luddite leanings of our new Congress, instead I will just focus on this little chart comparing the stated deficit reduction targets of the GOP versus the tax breaks they are offering. Consider it "The rich have needs too!" chart.
When you look at this chart, I can't help but think what insulated bastards we have running our country. The rich must never be made to share in any sacrifice, because they are innately responsible and all our well beings are dependent on the beneficent ruler-ship. While the poor (cause they are always irresponsible) and middle class needs to reign in their behavior and to stop expecting any assistance from the federal government.
Combine that with a shaky understanding of budgetary issues and the lack of any meaningful push back from the center-left contingent, I think Matt Yglesias gets to the kernel of why the public doesn't care about deficits yet politicians are obsessed with it:
Politicians don't understand that the voters don't care about the deficit because the voters themselves don't understand that they don't care about the deficit. Black, Paul Krugman, Brad DeLong, and I all believe that with unemployment high and interest rates and inflation low that a larger short-term deficit will help post real output and reduce unemployment. If most people agreed with that, then politicians would talk about the deficit in a different way.
But they don't. Public understanding of fiscal policy is hazy, inaccurate, and dominated by fallacious analogies between a national government and a household. What's more, voters believe that deficits are primarily driven by wasteful government spending. So when a recession strikes the deficit spikes, and people complain.
So that is what is consuming my thoughts for right now. Why more people don't stand up and fight about this, is beyond me.
-Cheers
1 comment:
Preach on, Glenn. Preach on.
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