Tuesday, August 9, 2011

Feminists Make Poor Economists

Susan Feiner has got to be trolling for Ms. Magazine. Her blog entry "A Feminist Economist Speaks Out: Deficits are a Grrrl’s Best Friend" is designed to attract criticism.

She believes:
  • The mantra that “the budget must be balanced” is a throwback to the 19th century, originating from the same outmoded economic thinking that justifies women’s lower wages.
  • ...families and businesses have to earn income or sell assets to get dollars to pay off debts. The federal government does not face any such constraint. It can spend as much as it likes and borrow as much as it likes. 
  • There is absolutely no bookkeeping, accounting or arithmetic possibility that the U.S. could “run out of money.” ... And that means our government can, during a crisis of unemployment, spend what it wants to spend.
  • The real problem is that our government, held hostage by right-wing extremists, won’t spend enough.

Those are just a few things I picked out. This is truly breathtakingly idiotic, and your daughter might be reading this!

1 comment:

  1. Yeah - she has had no experience of high inflation.
    That's when every time you buy a loaf of bread or a bottle of Scotch its price has gone up.

    Sure - a sovereign government can print as much money as it likes. And as many postage stamps. Ever heard the expression, "not worth a Continental?"

    Constraints on borrowing: eventually problems with lenders arise. As you inflate your currency they will demand repayment and interest in their own currency. That sure takes the fun out of inflation!

    Susan Feiner an economist? My ass.