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Tuesday, March 01, 2005

The Wall Street Journal op-ed page: "We don't believe in algebra" 

Even when I was saying W. was awesome, I hated Bill Owens. Bill "babydaddy" Owens is a stooge and a whoremonger*. The Colorado economy, in technical jargon, could be aptly charicterized as "suck city". So I was surprised to see he was one of 2 governers to get an "A" in a grading of state governors.

I would link, but the WSJ is a cheap and bastardly publication that doesn't give me web access with my print subscription. The highlight of the article for me is the following passage:

"[the cato institute] finds that the top-ranked governors have learned a dual lesson that you can't tax your way to recovery and that the best way out of a deficit is to cut spending"

This is all well and good, except it is divorced from macroeconomic reality and history. You may remember something called the "marginal propensity to consume"; this is the percent of post-tax income that is saved, not spent. How this saved money is then distributed depends on the state of capital markets. If short-term economic stimulation is your game, then governement spending will create more activity than cutting taxes, and isn't privy to the whim of the capital market. This is only not true when people are CONSUMING more than they earn in income. Consuming more than you earn is very bad, especially if its a keystone of your economic policy.

The above is provable with simple algebra. The WSJ must not believe in it. But of course, that would make sense. Algebra was invented by arabs.
*Some good news; Revelations 22:15: For without [heaven] are dogs, and sorcerers, and whoremongers, and murderers, and idolaters, and whosoever loveth and maketh a lie.
Bye-bye, Bill.

-Miguel Sanchez  10:15 EST | |

About us:

This weblog is an ongoing, if periodic, effort by several friends to stay in touch, in reading material, and in ideas.

Lucky Luciano is a former Italian Stallion real estate hustler and Benedict Arnold CEO turned shady lawyer-to-be. He lives in Denver.

Ben is a Paramedic and would-be philantropist who lives in Denver. He knows everything about nothing.

Fuzzy Dunlop lives in Manhattan. He is more than capable of standing up to the stresses of a high crime urban environment.

Jess is a teacher. But have YOU given her an apple? No, you haven't. You should be ashamed of yourself. This crazy feminist currently rests her copy of Awakening in Jersey City.

Matt is a pariah, iconoclast, and professor of gambling living in Oakland.

Miguel Sanchez is not Lionel Hutz.

Daddy Brooklyn lives in Brooklyn. He hates Republicans, though he wouldn't mind being ensconced in the landed elite of New York City.

Paul just smoked my eyelids and punched my cigarette.

Ziggy Stardust has no past.

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