Professor Mark J. Perry's Blog for Economics and Finance
Posted 9:29 AM Post Link
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These are the people lining up to vote for his economic policies.... no knowledge of economics.
I think, the difference between the Obama economy and the Bush economy is the difference between a true economic train wreck and running out of fuel, after soaring at a high level.
these are the people who look down their noses at "stupid" Sarah Palin and Christine O'Donnell.
When the States Go Bankrupt07/15/10 A San Diego County panel – faced with $2.2 billion in unfunded pension liabilities and $1.3 billion in unfunded health care liabilities – recommended, among a number of other possible actions, filing for bankruptcy.The big states are even worse. The Economist reports on Illinois: “By 2018, Illinois will be paying $14 billion a year in benefits, equal to more than a third of the state’s revenue, compared with $6.5 billion now.”The State of New York, with its $9 billion budget deficit, is looking at a proposal to borrow $6 billion from its state pension fund in order to make a $6 billion payment due to that same pension fund. Yeah, you read that right.In any event, what I see happening is a great big bailout from Uncle Sam, which itself is broke.
Comedy gold. Clearly these scenes were cherry-picked for maximum effect. Most people just don't have the time or inclination to become knowledgeable about abstract topics, no matter how important. They are good people and fellow Americans. That said, we can still have a good laugh at their expense.
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"Most people just don't have the time or inclination to become knowledgeable about abstract topics, no matter how important."...such as learning to read.Also, what Paul said.
"The State of New York, with its $9 billion budget deficit, is looking at a proposal to borrow $6 billion from its state pension fund in order to make a $6 billion payment due to that same pension fund. Yeah, you read that right."What's wrong with that? Seems like sound policy to me. I often pay my credit card bill with a cash withdrawal from the same account. Saves me from actually having to pay it, don't you know? :-)
Ron, right. If I owe you $10, lend it to me. So I can pay you the $10 I owe :)
There was money well wasted on education...When did Keynesian = Kenyan?
glad to know that the Tea Party doesn't have a monopoly on morons.
"Ron, right. If I owe you $10, lend it to me. So I can pay you the $10 I owe :)"Better yet, loan me $100. Since you don't know me, and can't be sure I will pay you back, just give me half of it now: Then you will owe me $50, and I will owe you $50, and we will be even. :-)
"glad to know that the Tea Party doesn't have a monopoly on morons"...Whereas its obvious, painfully obvious that Obama supporters do have that monopoly...
Ron H,Here in Pittsburgh, Pa. the city is selling it's parking assets to the city parking authority to fill the hole in the city's public pensions.
My favourite was the outraged woman screeching something like: "Obama is a Keneeszhian? What the hell is that supposed to mean?!!!"
"Here in Pittsburgh, Pa. the city is selling it's parking assets to the city parking authority to fill the hole in the city's public pensions.Randy,They must not realize that only the Fed can create money out of thin air in this manner.Hopefully that plan didn't include a bond issue that you were asked to vote on to "Protect Our Retirement".
I am actually going to buy my mortgage from Wells Fargo and live off the interest.
You think these people are morons? Let's see, how about people voting for a party which starts with the biggest surpluses in the nation's history and turns them into the largest deficits in history by first cutting taxes and then passing an absurdly unnecessary Medicare Prescription Drug Benefit, which will cost more than TARP, Health Care, and the Stimulus combined, on the theory that they want a return of fiscal responsibility. With material like this readily available you don't need cheap tricks like the one here.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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