Where is the US economy headed?

@plainoldme,

Quote:

"This is our generation's Sputnik moment," Obama said. As a result, we need to fund "a level of research and development we haven't seen since the height of the space race," with particularly strong investments in biomedicine, information technology, and clean-energy technology. In the same section of the speech, he likened this funding effort to "the Apollo Project," which later put a man on the moon.

But the moon was there to be reached and explored. What is the equivalent object of the funding of biomedicine, information and clean energy technologies. Is it in focus as the moon was. Is there a Sea of Tranquility in sight?

Does the comparison make any sense?

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@georgeob1,

georgeob1 wrote:

What Al Gore is to physics, Paul Krugman is to economics.

Does Al Gore have a Nobel Prize in physics?

1 Reply

@Thomas,

No, I guess it is in pop meterorology.

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@georgeob1,

georgeob, When you make such a comparison, you need to explain why Krugman is a pop-economist. You can tell us what he's said that you challenge.

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@cicerone imposter,

They are all pop-economists ci. You only think they know what they are talking about because they are good at looking and sounding like they do.

How can economics be to do with party politics when it's a science and party is a matter of faith?

1 Reply

@spendius,

spendi, You missed the content in its totality; I'm asking for specific challenges to statements made.

1 Reply

@cicerone imposter,

You stick with the content. I've heard it all many times before.

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http://www.washingtonmonthly.com/gdp4Q2010r.jpg

Recovery, slowly but surely

Cycloptichorn

0 Replies

@cicerone imposter,

cicerone imposter wrote:

georgeob, When you make such a comparison, you need to explain why Krugman is a pop-economist. You can tell us what he's said that you challenge.

I don't need to tell you anything.

Cyclo,

What does the chart above represent? What are the Units?

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@georgeob1,

georgeob1 wrote:

cicerone imposter wrote:

georgeob, When you make such a comparison, you need to explain why Krugman is a pop-economist. You can tell us what he's said that you challenge.

I don't need to tell you anything.

Cyclo,

What does the chart above represent? What are the Units?

GDP by quarter, growth or shrinkage by percentage. We were at 3.2 last quarter, which is better but not good enough - need a sustained year of 4 or 5% growth to really pull us out of the recession.

Cycloptichorn

1 Reply

@Cycloptichorn,

As long as Egypt doesn't go belly up Cyclo.

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@georgeob1,

So when you say "pop economist," it has no foundation.

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@cicerone imposter,

cicerone imposter wrote:

So when you say "pop economist," it has no foundation.

This is about right.

I think that modern Conservatives are pissed that Britain is directly disproving their theories regarding Austerity and recessions.

Cycloptichorn

1 Reply

@cicerone imposter,

cicerone imposter wrote:

So when you say "pop economist," it has no foundation.

I didn't say "pop economist". That was your phrase. Such word games are your thingh, not mine.

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@Cycloptichorn,

Cycloptichorn wrote:

I think that modern Conservatives are pissed that Britain is directly disproving their theories regarding Austerity and recessions.
Cycloptichorn

Sounds fairly vague and self-serving. Also a notable lack of specifics.

Exactly who are the "modern conservatives" to whom you are referring? What theories are being disproved ? What events in Britain demonstrate this?

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@georgeob1,

My mistake; I attached "pop" to economics when you used it against Gore. However, you're making the comparison, so I'd still like to know what Krugman said that you can compare to Gore's "pop-meteorologist" label.

1 Reply

@cicerone imposter,

Let's just say that I give more weight to Milton Friedman's economic views than I do to Krugman's. In particular I regard Krugman's repeated calls for a much larger scale of deficit spending as a means of restoring our economy as seriously misguided.

Do you believe he is correct in this?

1 Reply

@georgeob1,

Quote:

What events in Britain demonstrate this?

I would guess it's the crisis you mentioned.

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@georgeob1,

That's a good answer, but I disagree with you and agree with Krugman. Since economics is not science, and there is no way to predict how increased spending will actually kick-start to grow our economy, I only rely on what we have today. More people are losing their jobs and their homes. The middle class and poor have lost purchasing power during the past ten years, and it's getting worse. Under these circumstances, I prefer that our government make attempts to turn around this non-sustainable increase in our unemployment rolls.

If we can spend billions in wars to save other countries, Americans deserve the same sacrifice on behalf of our own people. Charity begins at home.

We'll have to wait and see what the financial experts say about spending on our country's infrastructure. Even that will take time, because of the way congress is constituted.

1 Reply

@georgeob1,

georgeob1 wrote:

Cycloptichorn wrote:

I think that modern Conservatives are pissed that Britain is directly disproving their theories regarding Austerity and recessions.
Cycloptichorn

Sounds fairly vague and self-serving. Also a notable lack of specifics.

Exactly who are the "modern conservatives" to whom you are referring?

Those who claim that the right thing to do in a recession is cut government spending. This includes Paul Ryan, Boehner, McConnell, Gingrich, and most of the Republicans on this board - and I'm quite sure that you are on that list as well. I could go find quotes.

Quote:

What theories are being disproved ?

That cutting government spending either a) frees up capital for investment due to less 'crowding out,' or that b) it restores investor confidence in the nation and spurs growth and investment.

Quote:

What events in Britain demonstrate this?

Perhaps the fact that, instead of the slow, continued growth that was predicted, their economy has contracted a half percentage point in the last quarter and likely will continue to contract for the next one. This is the direct opposite of predictions the Conservative party made regarding the situation, and predictions that Republican media pundits made regarding their Austerity measures.

Cycloptichorn

3 Replies

Where is the US economy headed?

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