just a day, just an ordinary day...
Posted on 2006-12-13 08:30:00
Tags: ljbackup politics links
On the way in to work this morning, I heard an editorial on Marketplace. (by David Frum, a former speechwriter for President Bush) He decried "populist economics" (basically the protectionist aspects of them) and sounded concerned since Democrats had just been elected. He said that, if they caused just half a percentage point of growth to disappear, that would be the equivalent of losing New Mexico's economic output, and in 20 years (assuming everything else stayed the same...) our economic advantage over China would be down to 3:2. But it was weird, because he never ever said a word about why assuming half a percentage point of growth would be lost was at all reasonable or anything. I'll excerpt from this Fire Joe Morgan post:
Then he said that maybe if Burnett hadn't mouthed off last year and been benched for the last week of the season, who knows, maybe 5 years $55 million could have been 5 years $75 million. Then, without backing that up, he then proceeded to chastise AJ Burnett for what he labeled a "$20 million dollar mistake."
You can't just make something up out of nowhere and then use the made-up thing to criticize someone for something that actually happened.
Maybe if Paul Konerko had not only hit 40 HR last year but has also invented a cold fusion machine, instead of $60 million from the ChiSox he might have gotten $50 billion from the government. That's a $49.994 billion mistake.
Comment from llemma:
One also has to wonder what the heck difference it makes if our economy DOES go down to a 3:2 advantage over China. I mean, what actual unhappiness or misfortune does that translate to?
Comment from djedi:
What's funny is that his argument was really that that lost .5% of growth would cause us to be even with China sooner. That's it. Not that it would never happen but that it would cause it to happen sooner. He also didn't support the .5% number nor did he discuss what other (positive) effects it could have on the economy. Growth is not the only important number, nor the most important.
Comment from gregstoll:
Isn't it fun listening to the same radio show in different cars? :-)
Comment from djedi:
Yeah, kinda weird though.
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