Wednesday, October 19, 2011

Seven More Economic Lies

Mark Thoma highlights Robert Reich's Seven Biggest Economic Lies (my post here), and adds his own:
Seven more: tax cuts pay for themselves, regulation and uncertainty are holding back the economy, there are plenty of jobs but people don't want to work, Fannie, Freddie, and the CRA caused the crisis, CEOs deserve their high incomes, most unemployment is structural, and regulating the financial sector will harm economic growth. (And, for good measure, global warming doesn't exist and if does exits it wasn't caused by people. Even if it was caused by people, carbon taxes are still bad.)
I can't disagree with him, although I would probably change regulation and uncertainty to regulatory uncertainty, because I believe, and I'm pretty sure he does, too, that demand uncertainty is holding back the economy.  I don't know how Republicans claim these things with a straight face.

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