“Incidentally, these other factors are why I don’t take seriously the claims of market monetarists that the failure of growth to collapse in 2013 somehow showed that fiscal policy doesn’t matter. US austerity, although a really bad thing, wasn’t nearly as intense as what happened in southern Europe; it was small enough that it could be, and I’d argue was, more or less offset by other stuff over the course of a single year.”
Because we didn’t die of fiscal policy doesn’t mean fiscal policy didn’t put us in the hospital for far too long. And with no health insurance either. Fiscal policy and the economy are like fire and fuel, they’re… oh never mind. Just imagine our lost 2013 without sequester, the shutdown, the fiscal cliff (I know, so very 2012) and other budget drama, stress, strum, drang, und zo on… just imagine. And yet, even plants are growing back at Chernobyl or something to do with scorched earth and whatnot (use your imagination because I’m all out of metaphors).
“Still, the new year starts with some good omens. Oh, and politics: between the non-disaster of Obamacare (which is producing epic levels of denial) and the prospect of a decent rate of economic growth, the midterm elections may not go the way many on the right currently expect.”
Happy New Year?, by Paul Krugman, NYT, January 4, 2014
And also now that many people are not chained to their employer health insurance, I foresee a surge of new medium and small businesses rolling out in 2014. So hooray for that!
Oh, and, yoo-hoo, Californians, about those 2014 midterm elections, allow me to remind you that the 2013 shutdown cost the GDP $24 Billion dollars (that’s a lot cancer research, scary DARPA inventions, and almost half of Luxembourg’s 2012 GDP). Allow me to further remind you that these CA Republicans voted for the shutdown, and worse, they voted to continue it:
House Nay votes
Name Party State District Vote
Campbell, John Republican California 45 Nay
Royce, Edward Republican California 39 Nay
Rohrabacher, Dana Republican California 48 Nay
McClintock, Tom Republican California 4 Nay
Denham, Jeff Republican California 10 Nay
LaMalfa, Doug Republican California 1 Nay
Hunter, Duncan Republican California 50 Nay
People of California! These guys are nuts! Vote them out! Vote them out! Vote them out!
This has been a Mayerson Service Announcement.