So, David Brooks has unloaded another steaming turd about his “economic realism.” My favorite part:
The Demand Siders don’t have a good explanation for the past two years.
Yes, we have no idea what caused the world’s economy to collapse. Also pretty hilarious:
You can’t read models, but you do talk to entrepreneurs in Racine and Yakima. Higher deficits will make them more insecure and more risk-averse, not less. They’re afraid of a fiscal crisis. They’re afraid of future tax increases. They don’t believe government-stimulated growth is real and lasting. Maybe they are wrong to feel this way, but they do. And they are the ones who invest and hire, not the theorists.
Screw facts, analysis, and evidence. How does a bait-shop owner in Wisconsin feel about economic stimulus? Although, if you are David Brooks, the entrepenuer is made up, and you have never been within a hundred miles of Racine, Wisconsin. This kind of “how does the imaginary average man feel” bullshit is Brooks’s stock in trade.
Moreover, the Demand Siders write as if everybody who disagrees with them is immoral or a moron. But, in fact, many prize-festooned economists do not support another stimulus.
“Prize-festooned.” Hahaha! According to Xandar: “It’s a scientific fact you can’t be taken seriously if you use the word festooned.”
Paul Krugman has a brief rebuttal of the Brooks piece. I wonder if it drives him crazy that they both work for the same paper.