The Hayride

Noted Moron Hank Johnson Does Economic Theory

Noted Moron Hank Johnson Does Economic Theory
December 14
09:36 2012

This is hilarious.

Except it isn’t. Because as dumb as Johnson is – something he puts on display every time he speaks in Congress – what he’s saying constitutes the Left’s dogma when it comes to economics.

“We all do better when the money is circulating. Those up on the top end they’re going to continue to make money. But those who are just working people and those who aspire for the middle class when that money is circulating then we can all collectively become more wealthy…”

In other words, so long as the government taxes and spends, the economy grows. It really doesn’t matter how the government taxes and spends, the economy grows. Because, y’know, working people can make each other rich by buying Skittles and iced tea at the local grocery with their unemployment checks or EBT cards.

No concept of capital formation, savings and investment, creation of wealth, economic competitiveness, productivity. None of it.

Johnson is obviously just parroting the same crap Nancy Pelosi has put forth about how unemployment checks are the best stimulus an economy can get. So maybe it’s unfair to pick on him – except he’s the latest practitioner of this idiocy, and they all need to be called out as economic illiterates.

How we got to the point where our economic policies can be influenced by people who can’t even spell economics is a question for another time. Suffice it to say this is a problem.

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4 Comments

  1. William M Edelmann
    William M Edelmann December 14, 16:47

    Keynesians always say the same thing and have been proven wrong through time, across Europe and here in the United States. The only difference is that after the disastrous Carter-Reagan recession, the U.S. learned the lessons and went over to Monetarism, embraced it and enjoyed twenty-five years of prosperity and growth, while most of Europe have pushed their governments from Keynesianism toward Socialism and have now reaped their rewards. Anarchy, riots and near-depression unemployment with bloated core services and dwindling tax receipts.

    Only when the Pelosi-Reid Congress & Senate pushed the country into the hands of the Socialist-left have we begun to see the unemployment, disenfranchisement and degraded economy which Carter spoke of during his infamous 1979 'Malaise' Speech, blaming the American people for their plight. Pelosi, Reid, Obama and their followers like Johnson are blind to what they have created and stubborn to the theories or their dogma, leaving the economy to drown in the currents of spending and taxation.

    Keep in mind the following numbers, check them out, verify, and attempt to deny them:
    Annual Tax Receipts Sep'2000-Aug'2008 always exceeded $2.7 Trillion.
    Annual Federal Spending 2000-2008 never exceeded $3.25 Trillion.
    Federal Operating Deficits 2000-2008 never exceeded $435 Billion.
    These included Sep.11,2001, two hot wars, hurricanes Katrina, Rita, and Banking Bailout {all Investments recovered, thus no expenses}, et al.

    Annual Tax Receipts Sep'2009-Aug'2012 always exceeded $2.6 Trillion.
    Annual Federal Spending 2009-2012 were never under $4.25 Trillion.
    Federal Operating Deficits 2009-2012 were never under $1.4 Trillion.
    These included ending two hot wars, no Katrinas, Ritas, et al and have not once accounted for $1 Trillion repeated annual increase in spending.

    Obama hasn't passed ANY budget, never below $1 Trillion annual deficit.
    Bush executed eight fiscal budgets, never over $435 Billion annual deficit.
    Bush's final budget passed Sep'2008-Aug'2009, and executed by Obama, was exceeded by $500 Billion Operating, PLUS $900 Billion 'STIMIULUS'.

    Johnson, like Pelosi, Reid & Obama all ignore these facts and refuse to admit that their policies are Socialism, not Keynesianism.

  2. William M Edelmann
    William M Edelmann December 14, 16:53

    Keynesians always say the same thing and have been proven wrong through time, across Europe and here in the United States. The only difference is that after the disastrous Carter-Reagan recession, the U.S. learned the lessons and went over to Monetarism, embraced it and enjoyed twenty-five years of prosperity and growth, while most of Europe have pushed their governments from Keynesianism toward Socialism and have now reaped their rewards. Anarchy, riots and near-depression unemployment with bloated core services and dwindling tax receipts.

    Only when Pelosi-Reid Congress & Senate pushed the country into the hands of the Socialist-left have we begun to live with the unemployment, disenfranchisement and economic degradation which Jimmy Carter spoke of during his now infamous 1979 'Malaise' Speech, in which he seemed to the blame American people for their plight. Pelosi, Reid, Obama and their followers like Johnson are blind to what they have created and stubborn to the theories or their dogma, leaving the American economy to drown in the currents of spending, taxation and governmental debt.

    Keep in mind the following numbers, check them out, verify, and attempt to deny them:
    Annual Tax Receipts Sep'2000-Aug'2008 always exceeded $2.7 Trillion.
    Annual Federal Spending 2000-2008 never exceeded $3.25 Trillion.
    Federal Operating Deficits 2000-2008 never exceeded $435 Billion.
    These included Sep.11,2001, two hot wars, hurricanes Katrina, Rita, and Banking Bailout {all Investments recovered, thus no expenses}, et al.

    Annual Tax Receipts Sep'2009-Aug'2012 always exceeded $2.6 Trillion.
    Annual Federal Spending 2009-2012 were never under $4.25 Trillion.
    Federal Operating Deficits 2009-2012 were never under $1.4 Trillion.
    These included ending two hot wars, no Katrinas, Ritas, et al and have not once accounted for $1 Trillion repeated annual increase in spending.

    Obama hasn't passed ANY budget, never below $1 Trillion annual deficit.
    Bush executed eight fiscal budgets, never over $435 Billion annual deficit.
    Bush's final budget passed Sep'2008-Aug'2009, and executed by Obama, was exceeded by $500 Billion Operating, PLUS $900 Billion 'STIMIULUS'.

    Johnson, like Pelosi, Reid & Obama all ignore these facts and refuse to admit that their policies are Socialism, not Keynesianism.

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