Just Another Day

"Any idiot can handle a crisis, it's day to day living that wears you out." - Chekhov

Saturday, January 08, 2005

Supply-side Bullshit

If he actually could argue from a logicl standpoint as regards economics then we might be able to listen to his arguments without spewing soda, very painfully I might add, through our nose. Larry Kudlow argues that the tax cuts are creating jobs and all the naysayers were wrong while praising Mankiw. If Kudlow would actually refer back to Econ 101, he might remember that economists, including Mankiw in his popular intro econ book, believe (based on actual observed data, by the way) that the effect of tax cuts on spending is short lived and then spending returns to their pre-tax levels. In other words, we should have seen the effect almost immediately after people started reaping the lower tax benefits. Of course, we know that those benefits were largely skewed towards those who need less than the rest of us so the effects of the tax cuts have been minimal. Actually, the rise in employment can be attributed more to economic optimism on the part of employers and the need to ramp up activity in the wake of smaller than average inventories to supply this optimism. Boy, won't we have fun when the optimism dies as the spendthrift, take-no-responsibility president drives the deficit up and sends that optimism into the ditch along with all of his ideas? Plus, much of the employment gained since 2003 can be attributed to workers filling in while our national guardsmen and women are being tooled off in the flight of fancy known as Iraq and to a massive increase in government payrolls. Also, Larry, regardless of what the Atlanta fed has said, the continuing need to maintain employment rates is 150,000 a month, or thereabouts, and one of the major reasons that labor-force participation is lower is that many people have given up. Forgot that little truth, din't you, you hack?

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Absence

If I actually have any readers, and those readers are wondering...

My wife and I were actively taking part in the protests here in Kiev. It was fun but perhaps not as dramatic as seen on TV. It did get a bit worrisome at a couple of points when the reports were swirling about that the Ukrainian forces were on the outskirts of Kiev ready to move on us and when there were very credible reports of Russian specnatz troops in Kiev. I managed to get up in the face of some of the troops protecting the presidential administration but after about 45 minutes of our marching in front of them and talking to them, they packed it up and left. My sister-in-law and I also got trapped in a large group of pro-Yanukovych people screaming at us while we kept up our pro-Yuschenko chants amidst them but then they let us out to join the other Yuschenko people. There were some brutish looking people in the crowd but it was the babushkas among them who insisted that a path be cleared for our exit. Now, the Yanukovych HQ two blocks away looks like a ghost town, the protests are dead, and the city is returning to normalcy.

Anyway, we returned to the US for a few weeks in the middle of all this but returned in time for my wife to vote on the 26th with the results now known. The trip back was brutal, however, as at JFK I had to lift and unlift our luggage 3 times and then 3 times more when we got into Kiev. The results being a compressed disk, that appears degenerative on the MRI, and one disk that is herniated. I have been on my back for the better part of two weeks but seem to be returning to normal now. I start physiotherapy on Monday.

3 cheers for socialized medicine!! My two visits to the doctor, plus injections and prescriptions, plus x-rays, plus the MRI all cost a little less than $100!

I don't think I'll be blogging as much as I did prior to December but check back once in a while and there may be something of interest to someone.

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Tell me again?

They lied, or were seriously incompetent, in their analysis of the job situation and the tax effort for recovery.

They lied, or were seriously incompetent, in their analysis of the job needing to be done in Afghanistan.

They lied, or were seriously incompetent, in their analysis of the danger of Iraq and the need to go in there.

They lied, or were seriously incompetent, in their analysis of the after-war efforts needed in Iraq.

They lied, or were seriously incompetent, in their analysis of the Medicare costs under the new Medicare program.

They lied, or were seriously incompetent, in their analysis of the effects to the education system when rolling out NCLB.

They lied, or were seriously incompetent, in their analysis of the terrorist threat prior to 9/11.

They have lied, or are seriously incompetent, in their analysis of the Social Security situation.

They have lied, or are seriously incompetent, in their analysis of the malpractice situation in the US medical system.

So, on every issue of importance to America's defence and economy, they have either lied or have been completely incompetent. Can someone tell me how these POSs got re-elected?

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