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Friday, May 27, 2011

GOP has garbage jobs plan

Paul Krugman:

No Ideas

"Ezra Klein points us to the House GOP’s rather pitiful jobs manifesto. Ezra describes it as “now more than ever”: the GOP’s response to the employment crisis is to demand exactly the same things it demands when the economy is doing well.
Actually, the same is true of the Ryan plan: when the GOP claimed that deficits don’t matter, it called for privatizing major social insurance programs while cutting taxes on the rich, and now that it claims to be deeply concerned about deficits, it calls for privatizing major social insurance programs while cutting taxes on the rich.
This is a major asymmetry: people on the other side really do offer different prescriptions for different problems. I’m often accused of inconsistency for warning about deficits back in 2003 while favoring continuing deficits now — but the point is that these were responses to different issues. The Bush tax cuts were intended to be permanent — so they were designed to increase deficits even when the economy was at more or less full employment. This was a bad thing. By contrast, deficits are helpful when the economy is depressed and in a liquidity trap, as it is now.
Anyway, the new “jobs plan” illustrates, once again, the foolishness of believing that we can reach any real bipartisan agreement on economic policy. The GOP stopped thinking a long time ago; all it knows how to do is parrot Reaganite rhetoric over and over. And there’s so little there there that the document — look at it! — has to rely on extra-large type and lots of pointless pictures to bulk it out even to 10 pages."

Here's Cantor explaining this "jobs plan":



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