Discussion in 'Economics' started by RedDuke, Jun 21, 2011.
Well it is interesting that the WSJ would print Gross's opinion that once "business confidence" will come back, there won't be a torrent of economic activity. But the story is kind of empty and also goes back to the other popular idea today, that Americans are just uneducated and that's why they're unemployed.
The WSJ of course was pushing the idea with most other conservative opinions that the Bush tax cuts had to be extended to instill "confidence", and Obama bought it. The tax cut extensions totalled $850 billion and are substantially more than anything the deficit reduction commission has done, which means it made the fiscal situation substantially worse. They are now saying that reducing the deficit will not bring this "confidence".
At least it's consistent, but it basically means that the bigger the deficit, the bigger the confidence! It`s pure nonsense and really shows how political the dialogue has become. Notice that the writers don`t try to actually put themselves out there by proposing a public policy solution to the "uneducated Americans".
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