"Literally, if we took away the minimum wage--if conceivably it was gone--we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level." --Michele Bachmann, 1/26/05, testifying against a bill to raise the minimum wage and advocating the elimination of the minimum wage altogether..
"Dark economic clouds are dissipating into an emerging blue sky of opportunity. "
"Democracy functions best when we have an active citizenry."
Election of poorly equipped persons to highest office reveals a larger problem - a sizable portion of the electorate, possibly fifty percent, subscribe to the simplistic economic thinking that thwarts economic recovery - "It's the government's fault," "Only business can create jobs," "Get the government out of our lives," and the latest, "We only have to return to God."
And what thinketh the other fifty percent? Well, the Wall Street Journal has a huge and trusting readership who use its words to plan their economic futures. Combine Tea Party, Libertarian, and Wall Street Journal (WSJ) subscriptions, and we have, with some overlap, economic thought that defies analysis because there is no thought to analyze.
Tea Party proposals for economic growth are self-refuted due to their lack of depth, slogans and simplistic expressions.
Libertarian economics derives from libertarian philosophy, a single-minded approach to all issues. The economics have been challenged in a previous article by the writer:
How to Create an Economic Downfall, exactly what these miscreants are preparing for their nation.
Close association between Wall Street Journal and barren right wing economic ideologues are revealed in a WSJ editorial. Each line of the editorial is either a self-refutation, an inaccuracy, a distortion, a made-up issue, or an outright deception. Is that serious? Yes, it is serious - the electorate is almost entirely captured by inadequate economic proposals that will sink America. And the politicos think only of catering to the electorate; not educating it with sensible policies, and only interested in winning an election. The United States is moving towards an economic sinkhole in which the Tea Party and Wall Street Journal complement one another.
Wall Street Journal, August 11, 2011 Editorial:
"These examples show that China is no "miracle.' Running a trade surplus while accumulating and sterilizing foreign reserves succeeds for a time. But inflation is only deferred, and the more that is stored up, the worse the hangover afterward. Investments that were predicated on the good times lasting forever must then be written off. Subsidized exports must shrink to a more appropriate share of the economy. There is some irony here in that one of the reasons Beijing has refused to change its monetary arrangements is that it doesn't want to repeat the experience of Japan. That was understandable during the Asian monetary turmoil of the late 1990s and again during the panic of 2008-2009. But in economics what can't continue won't. Tokyo pursued a policy of reserve accumulation for too long, making a difficult transition inevitable. Stagflation is a warning to Beijing that it is running out of time to avoid that fate." Wall Street Journal - subscription required.
China is no "miracle.
If we speak of a German miracle and Japanese miracle, then certainly China deserves the expression China miracle. Like all the others, the 'miracle' was actually worthwhile economic policies.
Running a trade surplus while accumulating and sterilizing foreign reserves succeeds for a time.