Thursday, August 11, 2011

Tea Party Understands Economics Better Than Obama Or Bill Maher

Liberal commentators and comedians appear to accept Keynesian economics as such an evident truth that non-believers must be stupid. Keynesian economics has become a liberal dogma, not subject to challenge by reasonable people.

Consider comedian Bill Maher’s quip to a former Obama advisor on Aug. 6, 2011:
“Keynesian economists and climate scientists both know real things, but the stupid people who don’t know things get an equal vote. Isn’t that frustrating?” (Laughter from the audience.)

Liberals target the Tea Party as their favorite nominee for the “stupidity” prize. Tea Party members are not only dunces. They are irresponsible hostage takers who do not care if they bring the country down with them.
Here is a shocker for Obama, Maher and Tea-Party haters: Since the Nobel Prize in economics was established, seven Nobel Prizes have been awarded to economists who cast serious doubt on Keynesian economics. Not one Nobel Prize has been awarded to an economist who advanced the Keynesian agenda. New York Times liberal columnist, Paul Krugman, won his Nobel Prize for trade theory, not for macroeconomics.

Maher’s “stupid people” who reject Keynesian economics, it seems, are in rather distinguished intellectual company.

Let me go down the list of Nobel-laureate Keynesian skeptics:

1) Permanent or life-cycle income (Milton Friedman, Franco Modigliani)
This theory says that consumers are forward looking. They base their consumption decisions on income they expect to earn over a longer period of time, not what they earn now. They change their spending only in response to changes in long-term income, not in current income.

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  1. This article must be a required reading in any course having to do with economics, political science, ..., and for any politician seeking office.

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