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Forum Post: Wrong Way Ryan and the Debt

Posted 12 months ago on April 18, 2013, 12:11 p.m. EST by shooz (26674)
This content is user submitted and not an official statement

No wonder his budget smells so darn bad.

It's based on economic lies and mistakes in calculation.

Or, how a student proved the big shots dead wrong and made them look silly.

http://www.reuters.com/article/2013/04/18/us-global-economy-debt-herndon-idUSBRE93H0CV20130418

26 Comments

26 Comments


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[-] 4 points by Buttercup (1067) 12 months ago

Whoops. Oh well. Let's go back to just makin' shit up boys! How about we dust off 'the wealthy are the job creators' again!

Onward Paul Ryan! You ole Randian fuck.

Chart below. Gotta love it.

http://jaredbernsteinblog.com/not-to-pile-on-but-correcting-reinhart-and-rogoff/

[-] 3 points by shooz (26674) 12 months ago

Unfortunately, those "Randian fucks" are everywhere, and the truth doesn't slow them down very much.

This story still isn't in the MSM, so most people have never heard about it.

You can be assured that FLAKESnews will ignore it forever.

[-] 3 points by ZenDog (20546) from South Burlington, VT 12 months ago

"At first, I didn't believe him. I thought, 'OK he's a student, he's got to be wrong. These are eminent economists and he's a graduate student,'" Pollin said. "So we pushed him and pushed him and pushed him, and after about a month of pushing him I said, 'Goddamn it, he's right.'"

Reinhart and Rogoff have admitted to a "coding error" in the spreadsheet that meant some countries were omitted from their calculations. But the economists denied they selectively omitted data or that they used a questionable methodology.

For Ash, the findings mean the claim that high public debt causes growth to stall no longer holds water.

"Their central thesis has been substantially weakened," he said.

.

Thanks shooz - I thought it bore repeating, for any who missed it, and I thought that for no other real reason other than I just like to rub it in.

stupid fukers

Who likes economics? Perhaps they would care to look at the debt of the U.S. post WWII to 1978 and examine rate of growth year by year for the era . . . I'm sure that will likely add even further to the basic reality underscored by this undergrad:

  • "Their central thesis has been substantially weakened," he said.
[-] 2 points by shooz (26674) 12 months ago

Unfortunately, because of the simple fact that this revelation exposes as false, most of the economic arguments on the forum, I believe this thread and facts it tells will be quickly ignored.

"Their central thesis has been substantially weakened."

[-] 2 points by ZenDog (20546) from South Burlington, VT 12 months ago

well, you can't fix stupid.

[-] 2 points by shooz (26674) 12 months ago

Let's hope you're wrong. Ryan's still in office.

It does, on the other hand completely obliterate ANY argument for cutting SS.

"A recent “Spreadsheet Scandal” has rocked the economics world. It also seems to have eliminated the last remaining technical argument in support of the President’s “chained CPI” Social Security cut.

Not weakened it. Eliminated it."

http://www.nationofchange.org/why-spreadsheet-scandal-should-kill-obama-s-social-security-cut-1366553100

Because you know, WallStreet still want's it for their own. they've been after it since the 40s.

[-] 1 points by ZenDog (20546) from South Burlington, VT 12 months ago

We can hope I suppose - but you have presented two very persuasive pieces of evidence to the contrary - for as you said:

  1. Ryan's still in office
  2. WallStreet still want's for their own. they've been after it since the 40s.

And either fact, on its own, does seem to suggest that you just cannot fix stupid.

[-] 3 points by shooz (26674) 12 months ago

Perhaps we stand on the threshold of the next step in human evolution.

The cure for stupid!!

It behooves us to at least make an attempt..............................:)

[-] 2 points by ZenDog (20546) from South Burlington, VT 12 months ago

well, there you have it

[-] 0 points by Builder (4202) 12 months ago

Humans are actually devolving.

Providing all the luxuries of modern life hasn't made us any smarter.

The Big Dumbing Down has also been quite the success story.

So, I wouldn't be holding my breath waiting for a bright new day of intellectual awakening.

Not while our phones are replacing so many of our needs for being "smarter".

[-] 2 points by shooz (26674) 12 months ago

Speak for yourself.

I read about improvements and breakthroughs every day.

The implementation is usually held up by and limited by"corporate" interests, so that that should tell you what's really devolving.

[-] 0 points by Builder (4202) 12 months ago

Improvements and breakthroughs by whom?

Not the tv watching general public.

Stanford University researcher Gerald Crabtree suggests that evolution is, in fact, making us dumber — and that human intelligence may have actually peaked before our hunter-gatherer predecessors left Africa.

Read more: http://newsfeed.time.com/2012/11/15/research-suggests-humans-are-evolving-to-be-dumber/#ixzz2R9j1BH6Y

[-] 3 points by shooz (26674) 12 months ago

FLAKESnews, is the #1 cause of dumbness in the US, along with conse(R)vativism.

Much has been posted, but I won't belabor it again.

It drives the wingers nuts.

To "suggest", doesn't make it so, in fact that's kind of dumb all by itself, and yes, I read this paper a while back.

[-] 2 points by shooz (26674) 12 months ago

PS: Like I said, it appears that it's the "corporate citizen" who is suffering from "dumbness syndrome".

You can find a study to prove almost anything.........:)

http://www.rawstory.com/rs/2013/04/21/study-finds-belief-in-free-market-economics-predicts-rejection-of-science/

[-] 2 points by ZenDog (20546) from South Burlington, VT 11 months ago

there was a petition I signed last night, where they asked why the issue was important to me - I wanted to include this article and couldn't find it.

Thanks guys, you paragons of OWS activism you

[-] 3 points by shooz (26674) 11 months ago

I'll give it another bump anyway.

I like the Graeber article too.

He actually gets MMT. Gotta love it.

[-] 2 points by shooz (26674) 11 months ago

Graeber on the "great mistake".

http://www.guardian.co.uk/commentisfree/2013/apr/21/no-need-for-economic-sadomasochism?CMP=twt_gu

Please note, that he understands MMT.

Now if only we could get a bit of that understanding around here, we would all be better off.

[-] 2 points by shooz (26674) 12 months ago
[-] 1 points by ZenDog (20546) from South Burlington, VT 11 months ago

it's time for a little budgetary truth

fukers

[-] 1 points by shooz (26674) 11 months ago

The guy got a quick, short guest spot on Colbert.

I've not seen it in any rotation on the MSM.

[-] 1 points by ZenDog (20546) from South Burlington, VT 11 months ago

they must be afraid of elephant shit. I don't know why, really; given the exposure of such sensitive tissue I'm certain any elephant may learn very quickly where not to squat . . .

[-] 1 points by shooz (26674) 11 months ago

I don't know.

Perhaps on some level they are vested in austerity measures.

The poor, do watch a lot more TV than the rich.

[-] 1 points by JesseHeffran (3903) 12 months ago

See, shit like this is why I laugh when ever some pretentious half wit tells me I need to take an economics class when ever I speak on the subject. Economist are nothing more than lackeys for their political party. There are no laws of economics. Shit, research how the so called law of supply and demand got its beginning and you will never be fooled again. just on the fact that they threw New Zealand into the sample shows that they wanted a certain outcome. This is a brazen example of statisticulation.

[-] 4 points by shooz (26674) 12 months ago

Supply and demand?/

Why that's the doing of the magical mystical invisible hand of the free market..........................:)

There couldn't possibly be any corporate people involved.

But seriously, I laughed when they feigned innocence. when it's more like they never actually looked at it.

I look forwards to that students doctoral thesis, as he said this is what he want's to do it on.

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[-] 1 points by OTP (-203) from Tampa, FL 12 months ago

There isnt a politician up there that can figure out a budget. Either they are the dumbest people on the planet, or there is no way out of this.

[-] 2 points by shooz (26674) 12 months ago

You really should read a few of the links I provide before you comment, as this shows that it's "trusted" economists that have the issue.

Economists, I would add that are trusted mostly by your friends, the libe(R)tarians that masquerade as (R)epelican'ts.

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