Posted on 04/25/2024 8:33:15 AM PDT by lowbridge
The President’s economic agenda, the “Build Back Better” package being debated in Congress, would provide vital public investments in the nation’s physical and human infrastructure, as well as in our tattered safety net. These investments are long overdue—they were needed before the COVID-19 pandemic, and their necessity has been highlighted by the virus and the economic shock that came with it.
Some, however, have invoked fears of inflation as a reason to not undertake these investments. This view is short-sighted. These are importantly supply side measures, increasing the ability of more Americans to participate productively in the economy, helping to improve our low employment-working age population ratio. Significantly reducing the fraction of children growing up in poverty and giving these children access to pre-K and college education will reap large dividends in years to come. We need safe school buildings and bridges, and affordable child and elder care, whether inflation is 2% or 5%. With the investments being financed by tax increases, the inflationary impacts will be at most negligible—over the medium term outweighed by the supply side benefits; and their progressivity will help address one of the country’s critical problems, the growing economic divide.
The Build Back Better package will provide much needed support to a still-recovering economy, but it will accomplish much more than that. By meeting long-standing social needs, boosting long-term economic performance, and taking serious steps toward addressing the climate crisis we can already see unfolding, it would transform the U.S. economy to be more efficient, equitable, sustainable, and prosperous for the long run, without presenting an inflationary threat.
(Excerpt) Read more at epi.org ...
For those keeping score at home, here are the dopes who signed the letter:
George A. Akerlof, Professor, Georgetown University
Sir Angus Deaton, Professor, Princeton University
Peter Diamond, Professor, Massachusetts Institute of Technology
Robert Engle, Professor Emeritus and Co-Director of the Volatility and Risk Institute, New York University
Oliver Hart, Professor, Harvard University
Daniel Kahneman, Professor, Princeton University
Eric S. Maskin, Professor, Harvard University
Daniel McFadden, Professor, University of California, Berkley
Paul Milgrom, Professor, Stanford University
Roger Myerson, Professor, University of Chicago
Edmund S. Phelps, Professor and Director of the Center on Capitalism and Society, Columbia University
Paul Romer, Professor, New York University
William Sharpe, Professor Emeritus, Stanford University
Robert Shiller, Professor, Yale University
Christopher Sims, Professor, Princeton University
Robert Solow, Professor Emeritus, Massachusetts Institute of Technology
Joseph Stiglitz, Professor, Columbia University
What a joke.
For what it is worth, here is the sign translation:
Looks like it is after 5 PM, time for a drink. I'll get tight, maybe touch some young girl's breasts, Jill will try to stop me, and the young girl's father will threaten to cut off my right hand. Whaddya gonna do?
I wonder if Krugman is one of the 17. I would be shocked if the blithering idiot was not
Yep, overeducated, mostly Ivy League, idiots.
Joseph Stiglitz.
I remember his book “Globalization and Its Discontents,” and then he became part of the Globohomo War on Reason.
A real scumbag.
A reminder that the “Nobel Prize” has become a laughing stock of stupidity and woke ideology.
Lol. DAMN good movie!
Nah, he’s much worse, but in a different way!
Woke awards for work people. The prize is neither Nobel nor legimate.
Larry Summers is having the well deserved last laugh with this fiasco.
You’ve never heard of Ludwig Von Mises or Milton Friedman? Harry Hazlitt?
That’s the only reason I kept reading the comments. Hugo!
“Experts” are really no longer experts.
Yeah, ummm....FU
“… With the investments being financed by tax increases, the inflationary impacts will be at most negligible—over the medium term outweighed by the supply side benefits…”
They have no clue how contradictory that ignorant state is.
Paid endorsements.
17 fake winners turn out to be dumb as dirt
From a Quora poster
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