The nauseating retort regarding American institutional leaders at the Executive & the Fed’s inability to ‘stimulate’ growth isn’t news to monetarists. I’ve written at length in this blog of the intemperate ideologues incessant misplaced belief in the power of technocracy.
The whole dam thing has failed.
That’s why all you hear today is: secular stagnation.
Whenever ideologues cannot admit policy failure, sophisticated patois is used to obfuscate what ‘un-alligned’ persons implicitly know. What’s at work here is jacked-up denial parading as sophistication. Psychologists call it ‘cognitive dissonance’. Its something familiar to those who’ve suffered at the hands of cults. But King Krugman and his accolades can’t admit what every other “working stiff” knows: team Obama is a failure. PERIOD.
The win-lose framing of policy arguments make a mockery of binary logic and its limited application. Win-lose framing misses what matters: economic growth! Its not about more government spending versus debt reduction. Its really about the impact of an emerging leviathan on American civil society. The scope of governments grasp on the the private sector is what’s killing growth.
Want to control the deficit? Preserve key entitlements? Grow jobs? Educate kids? Have upward mobility?
Get the economy growing!!
How is this achieved? Its done by permitting the private sector to expand. That cannot happen without permitting working people to keep more income (tax reform). We also need monetary reform, a rules based Federal Reserve regime (currency depreciation is killing growth, you see it food shopping.)
Private capital investment drives growth.
It has four basic elements: fiscal stability, tax reform, expanded trade, monetary reform.
None of this will happen because the current cabal loathes civil society.
The intellectual laziness that animates sophisticated jargon like ‘secular stagnation’ is used to drive opacity. By allowing technocrats to escape THEIR responsibility we aid in alienating the very discovery needed to recover from the scourge of collectivism.