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On August 07 2012 12:08 JonnyBNoHo wrote: I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. .
Per your opinion, what economic indicator do you use to estimate the effectiveness of IS policy in times of a downward-shifted IS curve?
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+ Show Spoiler +On August 07 2012 11:13 sam!zdat wrote:I understand where you are coming from, but I feel that you are operating under some very common misconceptions and ideological pitfalls. I'll try to explain what I mean. Show nested quote +On August 07 2012 10:42 1Eris1 wrote:On August 07 2012 10:22 sam!zdat wrote:On August 07 2012 10:11 1Eris1 wrote:On August 07 2012 09:43 sam!zdat wrote:On August 07 2012 08:58 1Eris1 wrote:On August 07 2012 08:46 DoubleReed wrote:On August 07 2012 08:40 1Eris1 wrote:On August 07 2012 08:27 sam!zdat wrote: As an actual leftist, I think it's really hilarious (by which I mean depressing) that people think Obama is one.
edit: @coverpunch, you raise an interesting comparison there between google and chikin. The real problem, though, is that the combination of universal suffrage, a failed educational system, and mass media (oh, and the electoral college) actually just breaks democracy. What's an actual "leftist"? A social democrat? Because even in Europe that varies tremendously. Well in America it means that you think the government should take care of the people at least in some minor way. If you don't think the government should be torn down, taxes should never raise, and government institutions should be allowed to discriminate then basically you're a commie pinko nazi socialist. Yes, but sam!zdat was suggesting Obama is not one of these people. No, that is a social democrat. Obama is one of those. That's center left, not "leftist." My own politics are a bit more revolutionary. My apologies, I didn't know classical socialists still existed. I thought you guys all died out. Well, I'm certainly not a "classical socialist." I'm a sort of "open-source Marxist-Confucian," I guess. At the very least, I am somebody who has lost all faith in the ability of liberal capitalist democracy to cope with the challenges of the 21st century, which is why I object to people calling Obama a leftist, because he believes in those things. I think we need to begin a serious dialogue on alternative political-economic systems that work in the 21st century, not just blindly adhere to those that worked in the 18th. (I should say I believe in "democracy," just not the American style of it [edit: because american democracy is fascism in democracy's clothing]) Who's we? The US? The World? By "we" I mean both the US and humanity in general. Nationalism is the most egregious of ideologies. I'm not particularly invested in being an "American," and the nation-state as a geopolitical entity is obsolescent anyway. The ultimate goal is global sovereignty - the world is a big integrated system, and we're fooling ourselves (or trying to justify our own exploitative hegemony) in thinking otherwise. We can't solve any of the real problems without a global political order. To be sure, this is just the endgame - we are still a ways off from this. Show nested quote + You'll excuse my reservations, but the last time the wolrd had a serious debate about democratic capitalism, "we" ended up with fascism and authoritarian socialism. That, and hundreds of millions of dead people.
Well, I wouldn't call that a "serious debate." What I have in mind involves more spilling of ink than of blood. But sure, the sentiment which you are evoking here is what we call "the death of the modernist project" in western culture post-1945. It is the feeling that, as Margaret Thatcher put it, "there is no alternative." (this is, of course, not a particularly ringing endorsement of the system in itself). But I think the idea that "last time somebody had a different idea, things went badly, so nobody should ever have a different idea ever again" is an incredibly poisonous one. I think we can learn our lessons from such fiascos and move forward - anyway, we'll have to, because American style liberal democracy is turning into a police state, and is going to collapse of its own accord (or remain stable as precisely the sort of thing you are accusing me, baselessly, of wanting to create). We need to start thinking about what we will build after that. Of course, serious scholarship of the 20th century is the starting place for this, not something to be ignored. (I would recommend reading Adorno and Horkheimer's _Dialectic of Enlightenment_ if you are interested in the topic). Show nested quote + You'll also have to excuse my reservations regarding "true democracry". Things like that, well nice in idea, are horrific if the participants are ignorant or just plain stupid. And considering the intellectual capacity of the average american...
I'm not sure what you take me to mean here. This is precisely my point about democracy (with the caveat that it is more about a failed educational system and ideology than "intellectual capacity"). I would like to see a system with some democratic elements, but which was much less democratic than what we have now. I don't think democracy makes any sense without direct human relationships (i.e. I think it's absurd to vote for someone you don't personally know, and obviously the scale of american democracy doesn't support that - this is why we have cartoons instead of candidates.) Show nested quote + I'd choose what we have now without a doubt over anarchism, marxism, libertarianism, or whatever you call it.
So a point of terminology: Marxism is not a political or economic system (what you are thinking of is Marxism-Leninism). I am not an anarchist, marxist-leninist, nor a libertarian (and I too would choose what we have over these - thank god they're not the only possibilities!). I am however a Marxist, which is a theoretical orientation but not a political or economic theory. Marx doesn't really set out what he thinks should be done in the future (besides those in the _manifesto_, the importance of which for Marx's overall body of work is blown greatly out of proportion). What Marx primarily does is offer a critique of bourgeois political economy, a philosophy of history, and a critical methodology. It's important to note that anybody who would want to take what Marx said should be done in the manifesto and apply it directly to the post-industrial 21st century world would be entirely missing the point of Marx's thought in the first place. You can't take the (totally half-assed) programme in the manifesto, which was written in an early industrial context, and apply it to a post-industrial world. This goes against the most fundamental tenets of Marxist theory. (edit: it's also interesting to note that the bolshevik program goes against fundamental tenets of Marxist as well, so I'm not a Marxist-Leninist BECAUSE I'm a Marxist, not in spite of it)
My mistake, I had assumed you were rehashing some old failed ideaology.
And I think you bring up a good point, but I'm going to stop here. I had typed up something rather long but I don't think it's really a smart idea for this thread. Let's just remember, that despite it faults, Capitalism has been good for many many people, certainly more so than its alternatives, so if you want to change it, you're going to need a damn good alternative.
And as for nationalism, I don't mind it in moderation. It's utilitarianism that disgusts me.
On August 07 2012 11:33 Silidons wrote:Show nested quote +On August 07 2012 11:21 xDaunt wrote:On August 07 2012 11:18 {CC}StealthBlue wrote:On August 07 2012 11:16 xDaunt wrote:On August 07 2012 11:07 {CC}StealthBlue wrote:On August 07 2012 11:02 xDaunt wrote:On August 07 2012 10:52 {CC}StealthBlue wrote:Mitt and Ann Romney were easily able to afford a $12-million La Jolla home.
But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008.
After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.
Romney, the presumptive GOP nominee for president whose wealth is estimated at $250 million, has rejected calls from Democrats and Republicans to release his income tax returns prior to 2010. But San Diego County assessor records shed light on one sliver of the couple's personal taxes during that time: a months-long effort to reduce their annual property tax bill.
Initially, the Romneys asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, maintaining that their home had lost about 45% of its value in the first seven months they owned it.
Thirteen months later, after hiring an attorney to guide them, the Romneys filed an amended appeal, contending the home had suffered a less-dramatic fall of 27.3%, to $8.9 million.
They also filed an appeal for the 2010 tax year, claiming the house had dropped further, to $7.5 million, 38.7% less than the home's assessed value.
As a result, the Romneys have saved about $109,000 in property taxes over four years. Source Are you really going to post every garbage, Romney-bashing, class warfare article that gets published as if it is particularly insightful news? It's not news about refinancing heck everybody deserves that the issue is he used a lobbyist, has multiple homes and paid cash etc. It makes even tougher for romney to portray himself as a regular joe. Perhaps I am mistaken, but Romney isn't trying to portray himself as a regular joe. Articles like these serve no legitimate purpose other than demonizing the guy for his financial success and wealth. It is class warfare politics at its worst. What? How many times has Romney tried act like a regular average American, do we really need to visit the youtube vids of him embarrassing himself by saying he is also unemployed, had to get up one morning to iron his shirt..., and of course when shopping goes to the hardware store and buys "hardware" he constantly tried to portray himself or at least connect with the average American. So what? Those are photo ops that all politicians do. It is not like Romney is pretending that he is not rich. How can you even say this? Do you watch/read any news at all? Why should we elect someone who takes advantage of the system, and does not pay the fair share of taxes like everybody else? It may be a legal loophole, but it's not moral at all. For example, my father is a Realtor. There is no set comssion that you have to charge the seller but the average here in California is 6% of the home price (generally split 3% for buying/selling agent, it flucuates around these #s depending upon how fast you want to sell the house, ie, offer 3.5% to buying agent for quick sale) but comssion is 100% negiotable. You could talk people into giving more, even 100%, and that is 100% legal to do, but it's not moral because you're essentially stealing money from these people. Romney is essentially stealing money from the gov't because the gov't is missing money they would otherwise have.
Morality and "fair share" are really subjective. If you don't like what Romney's doing, then change the system, (Ironically enough, I believe his tax plan is taking out a lot if these things) but don't blame him for taking advantage of what's been lain at his feet.
edit: It's law ffs, not stealing. If the government wants that money they should close the loophole. Romney doesn't owe them anything because there's no law stating in the first place that he does.
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On August 07 2012 12:08 JonnyBNoHo wrote:Show nested quote +On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote:On August 07 2012 10:05 JonnyBNoHo wrote:On August 07 2012 09:28 kwizach wrote:On August 07 2012 09:02 JonnyBNoHo wrote:On August 07 2012 06:55 kwizach wrote: [quote] Erm, no they aren't. Surey they are. We've passed the ARRA, the JOBS act, the HIRE act, the Small Business Jobs act, the Education Jobs Fund and VOW to Hire Heroes act. There have been tons of 'jobs' bills passed and rejected throughout Obama's term. No they aren't. The American Jobs Act that I mentioned was a $447 billion bill. None of the acts you mentioned come even remotely close, except obviously the stimulus bill that was enacted in 2009. So? The ARRA is still ongoing. Combined with all other fiscal policies we're already at $1 trillion+ in government stimulus per year. Oh, but this Jobs act will be the one that fixes everything. Riiiiight. Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...!
On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies.
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On August 07 2012 12:19 1Eris1 wrote: Let's just remember, that despite it faults, Capitalism has been good for many many people, certainly more so than its alternatives, so if you want to change it, you're going to need a damn good alternative.
Yeah, we're in complete agreement on this point.
(Marx himself was incredibly impressed by many things about capitalism. He didn't think it was "bad" necessarily, just that it was historically situated and would eventually come into crisis - which it is doing now. The mistake of the early 20th century communists was that they didn't realize (edit: ignored the fact) that, according to Marxist theory, you had to go through capitalism in order to get to communism)
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On August 07 2012 12:28 kwizach wrote:Show nested quote +On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote:On August 07 2012 10:05 JonnyBNoHo wrote:On August 07 2012 09:28 kwizach wrote:On August 07 2012 09:02 JonnyBNoHo wrote: [quote]
Surey they are. We've passed the ARRA, the JOBS act, the HIRE act, the Small Business Jobs act, the Education Jobs Fund and VOW to Hire Heroes act.
There have been tons of 'jobs' bills passed and rejected throughout Obama's term. No they aren't. The American Jobs Act that I mentioned was a $447 billion bill. None of the acts you mentioned come even remotely close, except obviously the stimulus bill that was enacted in 2009. So? The ARRA is still ongoing. Combined with all other fiscal policies we're already at $1 trillion+ in government stimulus per year. Oh, but this Jobs act will be the one that fixes everything. Riiiiight. Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! Show nested quote +On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies.
Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending.
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On August 07 2012 11:29 aksfjh wrote:Show nested quote +On August 07 2012 11:28 DamnCats wrote: Let's not forget about Ann "I don't feel rich" Romney.
Pretty weak news article nonetheless considering they should be talking about the fact that everything he says is a lie of some sort. Not a lie. They're called "flip-flops." Romney dodges a lot of bullets, but not usually by lying. Oh he does plenty of lying alright. In fact, the very recent Ohio early voting issue is a prime example of Romney blatantly lying. See the link Stealthblue posted a few pages ago.
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On August 07 2012 12:42 JonnyBNoHo wrote:Show nested quote +On August 07 2012 12:28 kwizach wrote:On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote:On August 07 2012 10:05 JonnyBNoHo wrote:On August 07 2012 09:28 kwizach wrote: [quote] No they aren't. The American Jobs Act that I mentioned was a $447 billion bill. None of the acts you mentioned come even remotely close, except obviously the stimulus bill that was enacted in 2009. So? The ARRA is still ongoing. Combined with all other fiscal policies we're already at $1 trillion+ in government stimulus per year. Oh, but this Jobs act will be the one that fixes everything. Riiiiight. Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies. Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending. That's not the common understanding of stimulus. Your definition doesn't really make any sense in the context of this discussion.
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On August 07 2012 12:45 kwizach wrote:Show nested quote +On August 07 2012 12:42 JonnyBNoHo wrote:On August 07 2012 12:28 kwizach wrote:On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote:On August 07 2012 10:05 JonnyBNoHo wrote: [quote]
So? The ARRA is still ongoing. Combined with all other fiscal policies we're already at $1 trillion+ in government stimulus per year.
Oh, but this Jobs act will be the one that fixes everything.
Riiiiight. Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies. Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending. That's not the common understanding of stimulus. Your definition doesn't really make any sense in the context of this discussion.
From the wikipedia entry you just linked to.
In economics, stimulus refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies like lowering interest rates and quantitative easing.
I assumed we weren't talking about the Fed so that relegates the discussion to fiscal policy.
Stances of fiscal policy
The three main stances of fiscal policy are:
Neutral fiscal policy is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity.
Expansionary fiscal policy involves government spending exceeding tax revenue, and is usually undertaken during recessions.
Contractionary fiscal policy occurs when government spending is lower than tax revenue, and is usually undertaken to pay down government debt.
Expansionary fiscal policy = stimulus = deficit spending.
If you are using some politicized definition of stimulus than let me know I'll gladly bow out of this line of discussion.
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Do you plan on answering my question, Johny?
What economic measures do you use to estimate when IS policy becomes ineffective? Is it Treasury real yield curves? Actual to Potential GDP (or nominal GDP)? Money supply? Core CPI? Gut instinct?
On August 07 2012 12:58 JonnyBNoHo wrote: Expansionary fiscal policy = stimulus = deficit spending.
If real interest rates on bonds are negative, expansionary fiscal policy is not necessarily deficit spending. Your equation does not hold.
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On August 07 2012 12:58 JonnyBNoHo wrote:Show nested quote +On August 07 2012 12:45 kwizach wrote:On August 07 2012 12:42 JonnyBNoHo wrote:On August 07 2012 12:28 kwizach wrote:On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote: [quote] Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies. Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending. That's not the common understanding of stimulus. Your definition doesn't really make any sense in the context of this discussion. From the wikipedia entry you just linked to. Show nested quote +In economics, stimulus refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies like lowering interest rates and quantitative easing. I assumed we weren't talking about the Fed so that relegates the discussion to fiscal policy. Show nested quote +Stances of fiscal policy
The three main stances of fiscal policy are:
Neutral fiscal policy is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity.
Expansionary fiscal policy involves government spending exceeding tax revenue, and is usually undertaken during recessions.
Contractionary fiscal policy occurs when government spending is lower than tax revenue, and is usually undertaken to pay down government debt. Expansionary fiscal policy = stimulus = deficit spending. If you are using some politicized definition of stimulus than let me know I'll gladly bow out of this line of discussion. Unless I misunderstood your post, you equated deficit spending with stimulus. That stimulus results in deficit spending because the government spends more than it takes in does not mean that deficit spending = stimulus and that you can look at the US deficit and declare it to be "stimulus money". If I did misunderstand you and that's not what you meant, I'm still waiting for an explanation regarding your "$1 trillion+ stimulus money this year" figure.
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On August 07 2012 12:32 sam!zdat wrote:Show nested quote +On August 07 2012 12:19 1Eris1 wrote: Let's just remember, that despite it faults, Capitalism has been good for many many people, certainly more so than its alternatives, so if you want to change it, you're going to need a damn good alternative. Yeah, we're in complete agreement on this point. (Marx himself was incredibly impressed by many things about capitalism. He didn't think it was "bad" necessarily, just that it was historically situated and would eventually come into crisis - which it is doing now. The mistake of the early 20th century communists was that they didn't realize (edit: ignored the fact) that, according to Marxist theory, you had to go through capitalism in order to get to communism)
Their real mistake was failing to realize that even though capitalism primarily benefits the capitalist class, capitalism also benefits the working class, enough so that they would be satisfied with the status quo instead of rebelling.
The crisis we have now is that the 1% seems to have gotten too greedy. They've forgotten the importance of leaving enough cake for the other 99%.
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On August 07 2012 12:58 JonnyBNoHo wrote:Show nested quote +On August 07 2012 12:45 kwizach wrote:On August 07 2012 12:42 JonnyBNoHo wrote:On August 07 2012 12:28 kwizach wrote:On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote:On August 07 2012 10:11 kwizach wrote: [quote] Erm, you're arguing against a straw man again. Who said the American Jobs Act would have fixed everything? I provided the American Jobs Act as an example of a substantial bill embodying Obama's policy orientation that never made it through Congress because of the Republican opposition. Republicans have not let any such substantial policy bill go through since the 2010 elections. You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you? Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies. Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending. That's not the common understanding of stimulus. Your definition doesn't really make any sense in the context of this discussion. From the wikipedia entry you just linked to. Show nested quote +In economics, stimulus refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies like lowering interest rates and quantitative easing. I assumed we weren't talking about the Fed so that relegates the discussion to fiscal policy. Show nested quote +Stances of fiscal policy
The three main stances of fiscal policy are:
Neutral fiscal policy is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity.
Expansionary fiscal policy involves government spending exceeding tax revenue, and is usually undertaken during recessions.
Contractionary fiscal policy occurs when government spending is lower than tax revenue, and is usually undertaken to pay down government debt. Expansionary fiscal policy = stimulus = deficit spending. If you are using some politicized definition of stimulus than let me know I'll gladly bow out of this line of discussion. That's an odd way to look at it. I would say that "expansionary policy" would more closely be defined when the spending increases the debt in relation to the economy, not necessarily deficit spending.
Either way, Obama hasn't even spent much. A lot of the deficit has come from falling revenues due to (extended) tax breaks. Many economists suggest that we need to spend money, and not just "give it back."
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On August 07 2012 13:03 acker wrote: Do you plan on answering my question, Johny?
What economic measures do you use to estimate when IS policy becomes ineffective? Is it Treasury real yield curves? Actual to Potential GDP (or nominal GDP)? Money supply? Core CPI? Gut instinct?
Can you elaborate on the question a bit more? I'm honestly not sure what you are asking me.
Show nested quote +On August 07 2012 12:58 JonnyBNoHo wrote: Expansionary fiscal policy = stimulus = deficit spending.
If real interest rates on bonds are negative, expansionary fiscal policy is not necessarily deficit spending. Your equation does not hold.
Can you explain your statement? Simply making a statement does not make it true and I find it hard to judge the merits of your statement without a reasoning behind it.
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On August 07 2012 13:08 sunprince wrote:Show nested quote +On August 07 2012 12:32 sam!zdat wrote:On August 07 2012 12:19 1Eris1 wrote: Let's just remember, that despite it faults, Capitalism has been good for many many people, certainly more so than its alternatives, so if you want to change it, you're going to need a damn good alternative. Yeah, we're in complete agreement on this point. (Marx himself was incredibly impressed by many things about capitalism. He didn't think it was "bad" necessarily, just that it was historically situated and would eventually come into crisis - which it is doing now. The mistake of the early 20th century communists was that they didn't realize (edit: ignored the fact) that, according to Marxist theory, you had to go through capitalism in order to get to communism) Their real mistake was failing to realize that even though capitalism primarily benefits the capitalist class, capitalism also benefits the working class, enough so that they would be satisfied with the status quo instead of rebelling. The crisis we have now is that the 1% seems to have gotten too greedy. They've forgotten the importance of leaving enough cake for the other 99%.
It's more that capitalism is a good way to establish an effective industrial/commercial infrastructure, and to promote technological innovation (though I would argue that this dynamic is much different in an information society, in which capitalism not really needed for - and can stand in the way of - technological innovation). + Show Spoiler +(The problem is that capitalism also requires primitive accumulation, so recommending capitalism to a society that is not already capitalistic is problematic. In this case, you might need to reconsider the capitalism -> communism plan, which is mostly talking about an already established European capitalism. You could maybe replace the primitive accumulation with foreign aid, but this is a totally different topic).
Centering any analysis of a world-historical process on the moral failings of individual humans (greedy) is always a mistake.
The capitalist class exists in a fundamentally antagonistic relationship with the proletariat (it's a sort of truce). This is what consumerism is about.
(Of course it's true that, over the past two hundred years capitalism has raised the livings standards yadda yadda. Capitalism was a very good idea for its time, the point is just that it has outlived its usefulness. Bread and circuses only take you so far).
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On August 07 2012 13:31 JonnyBNoHo wrote: Can you elaborate on the question a bit more? I'm honestly not sure what you are asking me.
It's very simple. What economic measures do you use to estimate the effectiveness of IS policy?
On August 07 2012 12:58 JonnyBNoHo wrote: Can you explain your statement? Simply making a statement does not make it true and I find it hard to judge the merits of your statement without a reasoning behind it.
I'm assuming you know that fiscal policy is done in the United States primarily through the selling and buying of US bonds.
Now, if the US does fiscal spending and "stimulates" the economy, but finances that fiscal spending with bonds that have a negative real interest rate, how is that deficit spending?
Your equation is not always true. Therefore it does not hold.
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On August 07 2012 11:33 Silidons wrote:Show nested quote +On August 07 2012 11:21 xDaunt wrote:On August 07 2012 11:18 {CC}StealthBlue wrote:On August 07 2012 11:16 xDaunt wrote:On August 07 2012 11:07 {CC}StealthBlue wrote:On August 07 2012 11:02 xDaunt wrote:On August 07 2012 10:52 {CC}StealthBlue wrote:Mitt and Ann Romney were easily able to afford a $12-million La Jolla home.
But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008.
After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.
Romney, the presumptive GOP nominee for president whose wealth is estimated at $250 million, has rejected calls from Democrats and Republicans to release his income tax returns prior to 2010. But San Diego County assessor records shed light on one sliver of the couple's personal taxes during that time: a months-long effort to reduce their annual property tax bill.
Initially, the Romneys asked that their 2009 assessment, $12.24 million, be reduced to $6.8 million, maintaining that their home had lost about 45% of its value in the first seven months they owned it.
Thirteen months later, after hiring an attorney to guide them, the Romneys filed an amended appeal, contending the home had suffered a less-dramatic fall of 27.3%, to $8.9 million.
They also filed an appeal for the 2010 tax year, claiming the house had dropped further, to $7.5 million, 38.7% less than the home's assessed value.
As a result, the Romneys have saved about $109,000 in property taxes over four years. Source Are you really going to post every garbage, Romney-bashing, class warfare article that gets published as if it is particularly insightful news? It's not news about refinancing heck everybody deserves that the issue is he used a lobbyist, has multiple homes and paid cash etc. It makes even tougher for romney to portray himself as a regular joe. Perhaps I am mistaken, but Romney isn't trying to portray himself as a regular joe. Articles like these serve no legitimate purpose other than demonizing the guy for his financial success and wealth. It is class warfare politics at its worst. What? How many times has Romney tried act like a regular average American, do we really need to visit the youtube vids of him embarrassing himself by saying he is also unemployed, had to get up one morning to iron his shirt..., and of course when shopping goes to the hardware store and buys "hardware" he constantly tried to portray himself or at least connect with the average American. So what? Those are photo ops that all politicians do. It is not like Romney is pretending that he is not rich. How can you even say this? Do you watch/read any news at all? Why should we elect someone who takes advantage of the system, and does not pay the fair share of taxes like everybody else? It may be a legal loophole, but it's not moral at all. For example, my father is a Realtor. There is no set comssion that you have to charge the seller but the average here in California is 6% of the home price (generally split 3% for buying/selling agent, it flucuates around these #s depending upon how fast you want to sell the house, ie, offer 3.5% to buying agent for quick sale) but comssion is 100% negiotable. You could talk people into giving more, even 100%, and that is 100% legal to do, but it's not moral because you're essentially stealing money from these people. Romney is essentially stealing money from the gov't because the gov't is missing money they would otherwise have.
I've about heard enough caterwauling about the rich supposedly not paying their fair share. Close your tax loopholes all you want, make a campaign of it. Change criteria for bad laws so they reflect equality before the law. I have no problem with that.
The article pays lip service to the property market crash soon after they bought their property. Well, if its worth less, and there's a lawful way to get it re-assessed, then by God do it! Silly notions of fair share, let's bring in the first 20 guys I meet walking down Main Street and ask them to pick a number between 10 and 50 million dollars, and just increase every rich guy in town's taxes by that amount. Let's abandon the talk about fair and instead say more clearly: If you have a lot of money, whatever you're paying the government in taxes needs to go up. It's only fair to confiscate your property because there's this poor kid down the street at a dead end job. And I want to give my friend Bill at Health and Human Services more money to help these kids, and boy does he have a great smile when he gets to do that. It's shocking how compassion is mistaken as free license to deprive others of their own wealth.
I really doubt your realtor father could talk somebody into giving them 100% of their house sale as commission. This isn't a game of printing money out of thin air and this guy gets some and that guy gets some ... somebody is ending up paying more for the product, and another gaining by that amount. At some point the house won't sell, there is a price that is just too high. The seller represented by the realtor is the realtor's boss ... and can fire somebody that does a poor job, or didn't bring in the attractive buyers with his 9% commission on the sale. Maybe I find the best guy in the business and pay him 11% or 15% BECAUSE he's that good, and I am FREE to do so.
But what if government came in and said that 5% was the only fair commission, averaged with all the badly performing realtors that get deals despite their inexperience because of low commission. Everyone that says 6% or 7% will get shouted out of town for having too much wealth! Get the regular homeowners riled up by calling them the greedy Big Realty hogs that crave commission. And suddenly, realtors have lost the freedom to charge based on what their services are worth and how much experience they have. For every guy that thinks he got ripped off by a greedy realtor, there's another that sold his house based on another hard working realtor. There's this stigma for people that think commission prices, and middlemen prices are arbitrarily set and unfair to the 99% to benefit the 1%. Just because you don't understand the market forces on these prices does not mean they are immoral. Government is not always on the side of the angels, it can punitively tax just as easily, or even more easily, than it can spread the tax burden across the population.
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On August 07 2012 13:40 acker wrote:Show nested quote +On August 07 2012 13:31 JonnyBNoHo wrote: Can you elaborate on the question a bit more? I'm honestly not sure what you are asking me.
It's very simple. What economic measures do you use to estimate the effect of IS policy?
All the typical ones (both leading and lagging).
Show nested quote +On August 07 2012 12:58 JonnyBNoHo wrote: Can you explain your statement? Simply making a statement does not make it true and I find it hard to judge the merits of your statement without a reasoning behind it. I'm assuming you're not an idiot and know that fiscal policy is done in the United States primarily through the selling and buying of US bonds. Now, if the US does fiscal spending and "stimulates" the economy, but finances that fiscal spending with bonds that have a negative interest rate, how is that deficit spending? Because you are still running a deficit.
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On August 07 2012 13:35 sam!zdat wrote:Show nested quote +On August 07 2012 13:08 sunprince wrote:On August 07 2012 12:32 sam!zdat wrote:On August 07 2012 12:19 1Eris1 wrote: Let's just remember, that despite it faults, Capitalism has been good for many many people, certainly more so than its alternatives, so if you want to change it, you're going to need a damn good alternative. Yeah, we're in complete agreement on this point. (Marx himself was incredibly impressed by many things about capitalism. He didn't think it was "bad" necessarily, just that it was historically situated and would eventually come into crisis - which it is doing now. The mistake of the early 20th century communists was that they didn't realize (edit: ignored the fact) that, according to Marxist theory, you had to go through capitalism in order to get to communism) Their real mistake was failing to realize that even though capitalism primarily benefits the capitalist class, capitalism also benefits the working class, enough so that they would be satisfied with the status quo instead of rebelling. The crisis we have now is that the 1% seems to have gotten too greedy. They've forgotten the importance of leaving enough cake for the other 99%. It's more that capitalism is a good way to establish an effective industrial/commercial infrastructure, and to promote technological innovation (though I would argue that this dynamic is much different in an information society, in which capitalism not really needed for - and can stand in the way of - technological innovation). + Show Spoiler +(The problem is that capitalism also requires primitive accumulation, so recommending capitalism to a society that is not already capitalistic is problematic. In this case, you might need to reconsider the capitalism -> communism plan, which is mostly talking about an already established European capitalism. You could maybe replace the primitive accumulation with foreign aid, but this is a totally different topic).
Recommending any sort of new economic system is problematic. Economic systems evolve gradually (see, for example, China's gradual transition away from communism), except when forced to evolve rapidly by revolutionary force.
On August 07 2012 13:35 sam!zdat wrote: Centering any analysis of a world-historical process on the moral failings of individual humans (greedy) is always a mistake.
Why? You're making an assumption here with no actual argumentative basis for your position.
High-minded ideals aside, most economists, psychologists, and sociologists will tell you that centering analysis of historical processes on human incentives is precisely the correct thing to do.
On August 07 2012 13:35 sam!zdat wrote: The capitalist class exists in a fundamentally antagonistic relationship with the proletariat (it's a sort of truce). This is what consumerism is about.
A fundamentally antagonistic relationship can still be beneficial for everyone. For example, see how predator-prey relationships benefit both in the larger context of ecology.
On August 07 2012 13:35 sam!zdat wrote: (Of course it's true that, over the past two hundred years capitalism has raised the livings standards yadda yadda. Capitalism was a very good idea for its time, the point is just that it has outlived its usefulness. Bread and circuses only take you so far).
Who says that raising the living standards of everyone can only take you so far? Yet another assumption without any actual arguments for your position.
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On August 07 2012 13:06 kwizach wrote:Show nested quote +On August 07 2012 12:58 JonnyBNoHo wrote:On August 07 2012 12:45 kwizach wrote:On August 07 2012 12:42 JonnyBNoHo wrote:On August 07 2012 12:28 kwizach wrote:On August 07 2012 12:08 JonnyBNoHo wrote:On August 07 2012 11:31 kwizach wrote:On August 07 2012 11:14 JonnyBNoHo wrote:On August 07 2012 10:37 kwizach wrote:On August 07 2012 10:25 JonnyBNoHo wrote: [quote]
You said that this one was special, due to its size. I contend that its size is a red herring due to the existing stimulus in the system and the poor track record of it. Does that clear up my argument for you?
Its size makes it a clear example of a substantive product of Obama's economic policies being blocked by Republican opposition, which is what was being discussed. No other such substantive bill has passed since 2010, making your assertion that plenty of such bills have passed and currently pass incorrect. I'm not talking about the various small patches that did pass, I'm talking about actual substantive bills that encapsulate Obama's economic policies, that have/would have had a very clear impact on the economy which can then be/could then have been evaluated. Your assertion that the existing stimulus has a poor track record is also incorrect, unless you expected it to save & create tens of millions of jobs instead of "only" millions. The fiscal stimulus under Obama has been and continues to be absolutely and relatively gigantic in scale. So what that nothing 'substantive' has been passed since 2010? Even without adding a single dollar it's still huge. The recovery is incredibly weak. I'm not sure how you can combine a huge stimulus with a tepid recovery and get anything more than a poor record out of it. You can do that by studying its impact and by imagining what the situation would have been had it not been passed (i.e. things would be much worse). A vast majority of economists agree that the stimulus has considerably helped the American economy and saved jobs. In fact, many will tell you that the stimulus was not big enough. What do you mean "So what that nothing 'substantive' has been passed since 2010"? That's precisely what I was discussing before you jumped into the discussion - the Republican blocking of bills that would have carried out Obama's economic policies. I think it is a fine argument that the initial government stimulus should have been bigger since the recession was deeper than expected. I think it is a much weaker argument that during a weak recovery that additional government stimulus (on top of the existing $1 trillion+ this year) is advisable. There are limits to stimulus and I think we've hit that limit. If you agree that the initial stimulus should have been bigger I'm having a hard time understanding why you'd think there should be no stimulus now, considering the reasoning behind the stimulus would be the exact same. Also, that "$1 trillion+" figure you came up with (what does it even correspond to?) is probably not exactly the kind of stimulus we're talking about...! On August 07 2012 12:08 JonnyBNoHo wrote: As for the post 2010 discussion I think it is relevant that many policies Obama put in place in his first two years are still in effect and many other policies that he singed into law haven't come into affect yet - Obamacare and Dodd-Frank are still being rolled out. So even without new policies we've yet to feel the full effect of Obama's policies (good or bad). There are plenty of studies on the effects of some of Obama's policies, in particular of the 2009 stimulus bill. These studies overwhelmingly confirm it has had a positive impact on the economy. To again go back to my original argument, Republicans have blocked further attempts to substantially implement Obama's economic policies. Stimulus is deficit spending - not just bills titled as such. And I never said there should be no stimulus, just that the existing stimulus should be large enough as is (if not too large already). If Obama has found a great new project to spend money on, then the funding should come re-prioritizing existing spending. That's not the common understanding of stimulus. Your definition doesn't really make any sense in the context of this discussion. From the wikipedia entry you just linked to. In economics, stimulus refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies like lowering interest rates and quantitative easing. I assumed we weren't talking about the Fed so that relegates the discussion to fiscal policy. Stances of fiscal policy
The three main stances of fiscal policy are:
Neutral fiscal policy is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity.
Expansionary fiscal policy involves government spending exceeding tax revenue, and is usually undertaken during recessions.
Contractionary fiscal policy occurs when government spending is lower than tax revenue, and is usually undertaken to pay down government debt. Expansionary fiscal policy = stimulus = deficit spending. If you are using some politicized definition of stimulus than let me know I'll gladly bow out of this line of discussion. Unless I misunderstood your post, you equated deficit spending with stimulus. That stimulus results in deficit spending because the government spends more than it takes in does not mean that deficit spending = stimulus and that you can look at the US deficit and declare it to be "stimulus money". If I did misunderstand you and that's not what you meant, I'm still waiting for an explanation regarding your "$1 trillion+ stimulus money this year" figure.
Yes I'm equating deficits with stimulus. As far as I know that's pretty basic Keynesian economics.
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Wait, what is the problem with commissions? commissions are not 'stealing from people...'
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