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The Wall Street Journal's Editorial and Op-Ed Opinions
Journal op-eds and editorials are just as bad, a publication proud of its pro-business credentials. On December 8, it was visible in an editorial headlined, "Obamanomics Takes a Holiday," saying:
Obama's deal "admitted that his economic policy has flopped. He is acknowledging that tax rates matter to growth...."
False! During hard times like now, direct government intervention counts most - New Deal-type stimulus, the kind anathema to Journal neanderthals.
Giving Obama's deal mixed praise, the editorial said it's not "optimal for economic growth....A two-year reprieve is far better than an immediate tax increase....but it also means that the policy uncertainty (carries) forward."
"In the real world, businesses make investments based on the estimated return on capital over time, including the expected tax rate." The implication, of course, is that Obama should cut taxes even more, for business and America's wealthy. No matter that evidence shows tax cuts don't stimulate growth. Fiscal stimulus does, especially during hard times.
The Journal also suggests that Republicans should have held out for more. Even so, "this deal is superior to anything we could have imagined six months ago." At best, however, it's "a transition from the failure of Obamanomics to what we hope is a better growth agenda" under future Republican leadership, of course - the failed/corrupted kind under Bush that caused today's crisis. No comment by the Journal.
Its Thomas Cooley/Lee Ohanian op-ed continued the tax cut theme headlined, "The Bush Tax Cuts Never Went Far Enough," saying:
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