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Old June 6th, 2016, 08:51 PM   #1
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The Keynesians Stole The Jobs

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Late last week the markets were shocked by a surprisingly bad May jobs report — the worst monthly report in nearly six years. The experts expected the US economy to add 160,000 jobs in May, but it turns out only 38,000 jobs were added. And to make matters worse, 13,000 of those 38,000 were government jobs! Adding more government employees is a drain on the economy, not a measure of economic growth. Incredibly, there are more than 102 million people who are either unemployed or are no longer looking for work.

https://mises.org/blog/keynesians-stole-jobs
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Old June 6th, 2016, 08:52 PM   #2
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Many will point to the May employment numbers and the weak economy in general and pin all the blame on President Obama. However, Obama is only part of the problem. The real culprit is an economic philosophy shared by both Republicans and Democrats for many decades. It is a belief in the fantasy of effective central economic planning by the Federal Reserve. It is a belief that a central bank can determine better than the free market what interest rates should be. This belief results in mal-investment, spiraling debt, distorted markets, inflation, bubbles, and finally economic depression.

I was not surprised by the lousy May employment numbers. Actually, I am surprised that so many others were surprised. While the “experts” have talked about our “economic recovery” since the crash of 2008, I happen to believe we have been in a recession or even a depression for the past eight years. The government manipulates the statistics to hide how bad the economy really is, until finally a bit of the truth leaks out and everyone seems surprised.

The people sense something is wrong but many don’t fully understand what it is. They have been told that more government spending will stimulate the economy and bring back jobs, and that more tinkering with interest rates will finally produce ideal economic conditions. But the real problem is that there is a cancer out there and it needs to be aggressively treated, not handed an aspirin. What we are seeing is an epic failure of the Keynesians who have tricked so many people into believing that economic interventionism can create a perfect economy. They have mismanaged the economy and I am afraid the worst is yet to come.

All is not lost, however. I am encouraged that so many people are seeing through government deception and are turning to the study of Austrian economics to understand what is wrong with our current system and how we can rebuild the economy. Reading Mises and Rothbard is the best way to understand what is really wrong with our economy…and how it can be fixed.


https://mises.org/blog/keynesians-stole-jobs
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Old June 7th, 2016, 09:00 AM   #3
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That's one-job for every 8,000 applicants. Didn't Obimbo just make a speech bragging on his economic accomplishments?
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Old June 7th, 2016, 09:09 AM   #4
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Originally Posted by caconservative View Post
That's one-job for every 8,000 applicants. Didn't Obimbo just make a speech bragging on his economic accomplishments?
Yup. I can't listen to that guy talk anymore. Four years of "charisma" was enough for me. People just gobble that crap up though.
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Old June 8th, 2016, 04:34 AM   #5
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800 jobs/state last month.. mostly minimum wage jobs
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Old July 14th, 2016, 02:15 PM   #6
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Sabcat, Alan Greenspan believed and continues to believe in a market driven economy where individuals seek their own their best interests and enterprises’ leading executives’ bests interests are generally similar to that of the enterprises that employ them.
Alan Greenspan has written of his mixed feelings when he was being vented as a candidate for the Federal Reserve leadership.

His concern was for the task delegated to the Federal Reserve Board. He wasn’t fully confident with the concept of a government’s efforts to regulate or “tweak” the U.S. dollar’s value of the U.S. dollar on behalf of our economy. Isn’t that contrary to the concepts of open competitive participants within free markets?

After we experienced the “great credit crunch” and the recessions that threaten to substantially injured and threatened to further undermine USA’s and many other nation’s economies, the tone of Greenspan’s writing and testimony before the U.S. Congress deviated from his previous opinions.
Most of us have no difficulty believing what’s to our own best interests coincide with the aggregate best interests of the entire nation.

Greenspan thinking evolved due to more encountering instances of corporate executives’ determinations to being of greater advantage to themselves rather than their enterprises. Although the consequences of these executive decisions may or may not be to their enterprise’s short-term benefit, many of those decisions were not to their enterprises’ net benefits over longer durations but were rather net detrimental to their enterprises’ and/or their nations’ best interests.
These unfortunate decisions are very seldom contrary to law and are sometimes due to executives betraying what we generally assume to be their fiduciary responsibilities, most often they are justified by the executives’ opinions. Executives, (as do most of us), have no difficulty believing what’s to our own best interests coincide with the aggregate best interests of the entire nation.
[I’m motivated to consider Alan Greenspan as being intellectually honest because his updated opinions have evolved to be more similar to my own populist opinions].

If the Federal Reserve Board ever actually had greatly influenced the USA dollar’s value and influenced our economy, advancements of communication and the speed of global market transactions has effectively reduced the U.S. Federal Reserve’s powers to do so. Any influence the Federal Reserve Board can actually excerpt upon the U.S. dollar’s value is not remarkable but (similar to dog’s dancing or playing the piano), it’s remarkable that the attempts are ever made.
I doubt if the U.S. Federal Reserve Board has improved our economy and I'm pleased (despite the Fed’s power to intervene within our economy), they haven’t done it any great harm. Persons of lesser competence would have done so.

The Keynes economic concept is based government expenditure policies. Much of those expenditures are not discretionary but are rather entitlements or otherwise unavoidable and our economy has net benefitted from the laws and regulations that originally created those expenditures.
I believe that all proposed or existing government regulation, law or act requires justification based upon their individual merits (or lack of merits).

The Keynes economic concept suggests a government policy for allocating government expenditures. You may be opposed to the policy, you may be opposed to specific items of government expenditure, but stating Keynesian policies are the cause of lost jobs is nonsense.

Respectfully, Supposn
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Old July 14th, 2016, 02:27 PM   #7
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Maynard Keynes could never grasp that instead of the state helping the economy the state should be the economy.
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Old July 14th, 2016, 02:56 PM   #8
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RW dudes, DJIA closed today at 18,506.41. *shrug*
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Old July 14th, 2016, 03:33 PM   #9
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I'm still amazed at how many people want to blame the president for corporate America's 50 plus years of outsourcing, offshoring, downsizing and now insourcing of illegal labor.
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Old July 14th, 2016, 03:38 PM   #10
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Originally Posted by BubbaJones View Post
I'm still amazed at how many people want to blame the president for corporate America's 50 plus years of outsourcing, offshoring, downsizing and now insourcing of illegal labor.
It's rather amazing, isn't it ?
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