As good an explanation as any about today’s GOP

I have included some key points for those who cannot get past the pay wall or find the piece on another site.

“A zombie idea is a belief or doctrine that has repeatedly been proved false, but refuses to die; instead, it just keeps shambling along, eating people’s brains. The ultimate zombie in American politics is the assertion that tax cuts pay for themselves — a claim that has been proved wrong again and again over the past 40 years. But there are other zombies, like climate change denial, that play an almost equally large role in our political discourse.”

“Voodoo has also crashed and burned at the state level: The Kansas experiment in radical tax cuts was a dismal failure, while California’s tax hike under Jerry Brown, which conservatives declared a case of “economic suicide,” was followed by a revenue and economic boom.”

“Yet voodoo economics has become unchallengeable doctrine within the Republican Party. Even fake moderates like Susan Collins justified their support for the 2017 Trump tax cut by claiming that it would reduce the budget deficit. Predictably, the deficit actually exploded, and now exceeds $1 trillion a year.”

“The politics of climate change have followed a similar trajectory. Global temperature keeps setting records, while climate-related catastrophes like the Australian wildfires are proliferating. Yet a majority of Republicans in Congress are climate deniers — many of them buying into the notion that climate change is a hoax perpetrated by a vast international scientific conspiracy — and even those, like Marco Rubio, who grudgingly admit that global warming is real oppose any significant action to limit emissions.”

“Anyway, a result of decades of zombification is a Republican caucus that consists entirely of soulless opportunists (and no, the fact that some of them like to quote Scripture doesn’t change that fact).”

Krugman, IMHO, pretty much nailed it.

15 thoughts on “As good an explanation as any about today’s GOP

  1. LOL . . . Paul Krugman . . . That guy is indeed, a scripted, robotic zombie!

    {“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover? If the question is when markets will recover, a first-pass answer is never.

    We are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”}

    Clearly, Mr Trump knows far, FAR more about economics than Mr Krugman.

    Like

    1. @TK

      I thought Liddle Trumpie was miffed because he did not get the Nobel Peace Prize. Like Obama did. Now you say he should have gotten one for economics too since he knows far, Far more than an actual winner. We are so blessed to be lead by such a stable genius.

      By the way, and you obviously do not know this, calling Paul Krugman names does not refute anything in his article.

      Liked by 3 people

      1. Krugman deserved his prize in economics every bit as much as Obama deserved his peace prize.

        BTW, have you recovered from following Krugman’s stock market advice in 2016 yet?

        Like

        1. @Tabor

          Like you know ANYTHING about either subject.

          I did not follow Krugman’s stock market advice. I followed my own belief that history repeats itself and that whatever gains might happen under the fiscal mismanagement of the Republicans are ephemeral and subject to overnight disappearance as they did in 1929, 1987 and 2008. So, yes I have largely steered clear of equities on Trump’s watch.

          You yourself proclaimed the stock market to be in an unsustainable bubble driven by deficits. That was on Obama’s watch. Now the deficits have increased and you have changed your view?

          Liked by 2 people

          1. Deficits remain a threat, but not as much as in this bull market there is a fundamental difference, It’s not pure bubble this time.

            The reduction in corporate taxes instantly increased the real profit margins of the underlying businesses.

            Further, the less hostile regulatory environment, now concentrating on finding solutions instead of being purely punitive or obstructive are also making the businesses more efficient.

            That’s real gain.

            If you’re still out of equities, you missed some real gains. You really only need 3 years retirement income in cash or equivalents. The rest should have been in equities, and still should be, though you have largely missed the train.

            Like

          2. “Deficits remain a threat, but not as much as in this bull market there is a fundamental difference, It’s not pure bubble this time.”

            You mean the bull market that started under Obama? You mean the growth rate that has remained steady since Obama. (Actually, growth was higher during several quarters under Obama than ANY quarter under Trump.) You mean that the entire economic recovery didn’t start until January 2017?

            Facts suck for the Trumpkins.

            Liked by 1 person

          3. “The reduction in corporate taxes instantly increased the real profit margins of the underlying businesses.”

            By how much and more importantly, what did they do with it?

            I can answer some of it: “They (corporations in 2017) are sitting on a record $2.3 trillion in cash reserves, double the level in 2001. The CEOs of Cisco, Pfizer, and Coca-Cola would instead use the extra cash to pay dividends to shareholders. The CEO of Amgen will use the proceeds to buy back shares of stock. In effect, the corporate tax cuts would boost stock prices but wouldn’t create jobs.”

            https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors?wpisrc=nl_finance202&wpmm=1

            So much for supply-side…

            It’s not even clear that happened as well as expected. https://fred.stlouisfed.org/series/B056RC1A027NBEA

            Note the change in rate of increase from before and after 2017 — corporate dividends flattened after 2017.

            “Corporate profits in the United States rose by USD 11.2 billion, or 0.6 percent, to USD 1,868.7 billion in the third quarter of 2019, following a 3.7 percent increase in the previous period and below the preliminary estimate of a 1.3 percent gain, final figures showed. Undistributed profits advanced by USD 18.4 billion, or 3.6 percent to USD 529.1 billion and net cash flow with inventory valuation adjustment, the internal funds available to corporations for investment climbed by USD 40 billion, or 1.7 percent to USD 2,444.1 billion. Meantime, net dividends edged down by USD 7.3 billion, or 0.5 percent to USD 1,339.2 billion.”

            https://tradingeconomics.com/united-states/corporate-profits

            Here Doc, go to West Marine and buy

            http://t0.gstatic.com/images?q=tbn%3AANd9GcRssjDOOZLsnzbI3CjnZkMypjtuBzv9i4eMmUvV6StJbMCO8NnQcgI83WHBwVleUahBsHCI7Gdc&usqp=CAc

            whip out the trusty B&W a la Sanjay Gupta, drill a hole in the parietal, and pour it in…

            Liked by 3 people

          4. Inconvenient facts have no effect on the cult.

            They bought the bald-faced lies last night and can’t hear ANYTHING else.

            Sadly pathetic and pathetically sad…

            Liked by 2 people

        2. So what DID Krugman win his Nobel Prize for?

          From the Nobel Prize website: “Prize motivation: “for his analysis of trade patterns and location of economic activity.”

          Contribution: Integrated the previously disparate research fields into a new, international trade and economic geography.”

          Nothing about the stock market, so why keep going there? I get it you disagree with him. But he appears a lot smarter than you. And his analysis of the GOP is, IMHO, “dead” on.

          Liked by 1 person

  2. The ate out brain-rot of the “taxes are evil” Republicans climaxed with:

    “Yeah, the good news about the move to abolish the death tax, the tax where they come and look at how much gold is in your teeth [that’s one] and they want half of it, is that — you’re right, there’s an exemption for — I don’t know — maybe a million dollars now, and it’s scheduled to go up a little bit.

    The argument that some who played at the politics of hate and envy and class division will say, ‘Yes, well, that’s only 2 percent,’ or as people get richer 5 percent in the near future of Americans likely to have to pay that tax. I mean, that’s the morality of the Holocaust. ‘Well, it’s only a small percentage,’ you know. ‘I mean, it’s not you, it’s somebody else.’” — Grover Norquist. (or maybe it was Vidkun Quisling, or some guy from ‘Normay’ anyway)

    Liked by 2 people

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