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Old 01-26-2018, 05:36 PM
 
Location: Cebu, Philippines
2,174 posts, read 800,407 times
Reputation: 4348

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Here's what's really wrong with "economists". They are a closed ideology, and nobody is let in the door unless they subscribe to the mantra, which in the western world happens to be free market capitalism driven by the Calvinist work ethic.

Every economist has been, all his life, spoonfed a wealth distribution model in which there is more work than men, and economics depends on men working. But the fact is that the world now has more men than work. So, how do "modern economists" deal with the sudden realization that their models are all useless, because suddenly, there is not more work than men? None of them, as far as I know, has thought about it. They still all act like "jobs" is the measure of economic health, when in fact the goal of economic development ought to be to eliminate jobs, not create them.
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Old 01-26-2018, 07:13 PM
 
3,530 posts, read 2,173,975 times
Reputation: 2636
Quote:
Originally Posted by jtab4994 View Post
I hope you've watched the news in the last month or two. As a result of the tax reform, hundreds of the largest companies have given out $1,000+ bonuses and wage increases to millions of workers. That's private money, and it stimulates the economy on the demand side. Many 1-percenters on the Left sniff that $1,000 is "peanuts" but it is a lot of money to many low-wage workers, and it does impact those people's lives.


Also in the news recently was Apple Corp "repatriating" about $38 billion of dollars in profit now that the rate has been lowered. That's income from foreign sources that could not be brought back home without paying a huge tax bill. Well, the tax bill is still huge but less huge than it would have been. And the money goes into the U.S. economy rather than sitting in a Cayman Islands, Guernsey, or Irish bank.


There are other examples, but you get the idea.
Firstly, "hundreds of the largest companies" is flat wrong, and some companies are even using the tax cuts to pay for layoffs if you can believe that. The new tax law also rewards companies for moving overseas, but that's a flaw specific to Trump's cuts and not tax cuts in general.

Second, it's still poor stimulus as the tax cuts are going mostly to wealthy, low-spending persons. Government spending on infrastructure, or just handing checks to every poor person in the country, would have a much greater stimulus effect.
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Old 01-26-2018, 07:16 PM
 
24,885 posts, read 11,610,800 times
Reputation: 11621
Quote:
Originally Posted by jtab4994 View Post
Thanks for posting this. I read it, and I'm not impressed that Krugman is trying to buy time in the hope that bad stuff will yet happen.
Shrug. I might agree if he hadnt posted it a mere 3 days after the initial post that everyone is debating here. Krugman isnt 100% right all the time, but he certainly is right more often then he is wrong. Updating a 3 day old post to say it might take a while to occur isn't buying time in my opinion, but rather clarifying.
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Old 01-26-2018, 07:31 PM
 
11,896 posts, read 14,364,183 times
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If all the worlds economists were lined up, end to end, they'd never reach a conclusion. Attributed to George Bernard Shaw.
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Old 01-26-2018, 09:14 PM
 
7,912 posts, read 3,729,368 times
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Krug has little choice but to admit the truth considering how biased and wrong he has been all these years. Yet the liberal establishment fawn over him as if he is an accurate economist.
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Old 01-26-2018, 10:22 PM
 
Location: Aurora Denveralis
3,000 posts, read 1,023,325 times
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Quote:
Originally Posted by Vector1 View Post
K...an accurate economist.
What in hell's name is that?
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Old 01-27-2018, 09:17 AM
 
Location: Dallas
788 posts, read 1,785,439 times
Reputation: 631
The things to watch out for the next few years are going to be:

The velocity of money
Inflation
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Old 01-29-2018, 07:10 AM
 
Location: Shawnee-on-Delaware, PA
3,676 posts, read 3,254,531 times
Reputation: 6508
Quote:
Originally Posted by FrankMiller View Post
Firstly, "hundreds of the largest companies" is flat wrong, and some companies are even using the tax cuts to pay for layoffs if you can believe that. The new tax law also rewards companies for moving overseas, but that's a flaw specific to Trump's cuts and not tax cuts in general.

Flat wrong? I'd like to see your list of companies that have given bonuses and that have increased wages since the tax reform bill became law.


Quote:
Second, it's still poor stimulus as the tax cuts are going mostly to wealthy, low-spending persons. Government spending on infrastructure, or just handing checks to every poor person in the country, would have a much greater stimulus effect.
Jeez. Of course the people who pay the most in taxes, get the biggest benefit when taxes are cut. I don't even know why you'd bring that up, except do distract people who don't understand math.
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Old 01-29-2018, 07:37 AM
 
3,530 posts, read 2,173,975 times
Reputation: 2636
Quote:
Originally Posted by jtab4994 View Post
Flat wrong? I'd like to see your list of companies that have given bonuses and that have increased wages since the tax reform bill became law.
Here's a pretty good start on listing how these companies are full of garbage.

Quote:
Wells Fargo
The headline: In December, Wells Fargo pledged to raise their minimum wage for 25,000 workers from $13.50 an hour to $15 an hour.

The fine print: Analysts estimate the bank’s windfall from the GOP tax bill will be $3.7 billion—meaning the company is investing a little more than 2 percent of its tax gift in its own workers.
Basically, companies are sharing a pittance with their employees so they can crow about how tax cuts are definitely awesome for the average Joe, keep doing them! While 98% of the benefit remains with the super-wealthy.
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Old 01-29-2018, 08:49 AM
 
Location: Shawnee-on-Delaware, PA
3,676 posts, read 3,254,531 times
Reputation: 6508
Quote:
Originally Posted by FrankMiller View Post
Basically, companies are sharing a pittance with their employees so they can crow about how tax cuts are definitely awesome for the average Joe, keep doing them! While 98% of the benefit remains with the super-wealthy.
So, you told me I'm "flat wrong" about hundreds of companies giving out bonuses and increasing wages, but you can produce no data to back it up.

Wells Fargo gives minimum wage workers $15 which is what the Left has been screaming for, for years, but it's not good enough when you get it.


Another case of a crank Left Winger letting his alligator mouth overload his hummingbird ass. Good bye.
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