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10/27/2012

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Bill Hicks

This just highlights the stupidity of so many libertarian-type economic commentators (in particular all those who get routinely linked at Zero Hedge) who are always blathering on about the glorious economic recovery we would supposedly have if we only slashed government spending. Dramatically slashing government spending now versus attempting to kick the can down the road as long as possible is really the difference between a fast crash and a long, drawn out crash. Either way, the economy is screwed.

Ben

The blame game after the initial hit to the economy will be very dangerous. I hope against all hope nothing too destabilizing occurs.

JohnWDB

I understand these prognostications are dire, and I respect the heck out of Tim Iacono, but I'm much more easily swayed by internet memes, which suggest the primary issue facing America in the next 4 years is whether Big Bird will suffer from budget cuts. Big Bird, people!

Mike Roberts

I'm always amazed at these so-called reports (as though they are reporting the facts) that project future levels of X or Y. When I see year to year changes, rather than a smooth curve, I think how can the authors possibly determine what will happen on a yearly basis in the future, except in trend terms? CERA do the same with their oil production projections showing yearly variations 20 years out. For something like a specific commodity it may be possible to do yearly projections based on development plans over the near term but further out, and for less specific things like GDP and unemployment, I can't see how such analyses can be taken seriously.

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