Who are the "economic girlie men"?
I thought it might be useful to point out who the economic girlie men of today really are.

Apparently, America's most dangerous liberal pundit - who is also an economics professor at Princeton - has had to give up making not-so-brilliant predictions about the U.S. economy, as Krugman Truth Squad member Caroline Baum noted in an e-mail to me. In fact, they've all been so spectacularly not brilliant that Krugman was forced to say on Tim Russert's CNBC show several weeks ago: "compare me, uh, with anyone else, and I think you'll see that my forecasting record is not great."


I've got plenty of fodder to defend this, but yesterday's Glassman article sums it up nicely. Here's Glassman:
It is, frankly, a miracle that the U.S. economy is as good as it is today. How good? The Economist magazine says the U.S. will grow more than twice as fast as Europe this year, and our unemployment rate is roughly half that of France and Germany.
More interesting, compare Bush's economy to Clinton's at the same stage. "On many of the key variables that voters care about, the economy looks uncannily like it did in the summer of 1996," writes Michael Mandel in the current Business Week: The unemployment and inflation rates today are precisely the same as at this time in 1996. Total job gains from January to July were somewhat higher in 1996 than in 2004, but in 1996 manufacturing jobs actually fell--while they rose by 81,000 in 2004. Also this year, GDP growth and productivity were considerably higher than in 1996.

Reagan's theory was really "trickle down" economics borrowed from the Republican 1920s (Harding-Coolidge-Hoover) and renamed "supply side." Cut tax rates for the wealthy; everyone else will benefit. As Reagan's budget director David Stockman confided to me at the time, the supply-side rhetoric "was always a Trojan horse to bring down the top rate." Many middle-class and poor citizens figured it out, even if reporters did not.
I think we did figure it out... and it worked... Thanks
Other honorable mentionables: Robert Kuttner, Ben H. Bagdikian, Noam Chomsky, Robert L. Heilbroner, Richard Hofstadter, and Eric Foner
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