Monday, March 11, 2019

Such is the clueless "all over the map" analysis of the economy...

On one hand Ms Ocasio-Cortez claims joblessness merely seems low because many are working 2 or 3 jobs. On another hand, she states joblessness appears to be growing or high per the new wave of robotics or automation. Meanwhile she indicts, America leaves the jobless to die. So which is it? Probably high but low, seemingly low but high, either depending on the convenient talking point at the moment?

Such is the clueless "all over the map" analysis of the economy by the publicly educated whether of the left or right. If the 2nd assertion is remotely accurate (as a ridiculous exercise), invention or innovation will reduce jobs for the first time in history instead of replacing some obsolete jobs with far more jobs unrealized prior. The same critique also assumes government's past interventions have nothing to do with joblessness thus more intervention is necessary economically even morally. Of course overlooked are the endless examples of jobs and companies disappearing slowly per minimum wage laws, regulations, taxes, fees, fines or suddenly per bans, prohibitions, embargoes, sanctions even subsidies, artificially low interest rates, etc. (i.e. bubbles/busts).

I would suggest to Ms Ocasio-Cortez and many other politicians of both major parties to observe economics oppose to inventing economics. And instead of blaming corporate greed coveting more money (always a weak argument anyway), first blame government greed coveting more power.

I would also say to those advocates for free markets (particularly the Republicans and Neo-Libertarians as they like to so brag) to propose nothing more than rescission than more legislation. Additional legislation, regardless the intent to fix the past, will only compound furthering the political, economical complexities and inconsistencies.

No comments:

Post a Comment