Posts by WH
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And what particular conclusion were we supposed to draw from a cut-and-pasted table (without any context) relating to the American economy, which is structurally not a carbon copy of New Zealand's?
I think you're right to say that the numbers in the table can't simply be assumed to apply in New Zealand, but the table is still interesting in light of the need to respond to the global downturn.
In Steve's defence, the basic principles of expansionary fiscal policy are broadly applicable and I think his post is self-explanatory. Obviously aggregate demand will not be National's only concern given the campaign that was run and the party's philosophical outlook.
We've all heard it asserted that tax cuts are the most efficient way of promoting economic growth, but let's go no further over that well-worn ground.
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There was a great chart at the Standard that is really worth checking out, if you haven't already seen it:
http://www.thestandard.org.nz/how-to-stimulate-the-economy/
I've been really impressed by Steve Pierson's writing, fwiw.
It can be difficult to explain that the government spending multiplier can have a greater expansionary effect than tax cuts.
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Nice post Russell.
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There is much to celebrate about an Obama presidency, but I will also be heaving a sigh of relief that the Bush era is over, no matter what.
I agree. I'm about to head for election night drinks (small hours, London time). I have been waiting for this night for years... Hope ya'all enjoy it.
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The Cabinet will be interesting too - it will be interesting to see how Obama goes about delivering on his promise of a new politics.
Unfortunately it looks like the Democrats will fall just short of 60 Senate seats, but I've read that the next cycle is conducive to Democratic pickups. Maybe the financial weakness of the US auto industry will prompt the holdouts to reform US healthcare at some point.
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Voting machines elect one of their own as President.
Loved the bit about the electorate being ready for change and the voting machine just being the superior candidate.
How exciting is this? There are four things that I find especially interesting: The Democrats getting close to 60 Senate seats, the economic, technological and foreign policy implications of Obama's energy plan, the chance to contrast progressive and moderate success with conservative failure, and having Obama as a role model for a new generation (of people and politicians).
I figure its okay to be optimistic today. I wish George every happiness in his retirement.
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Perhaps one of the problems is that New Zealand media are reporting on international events that will have diverse national and regional impacts. The (US) economic problems being profiled in Obama's 30 minute ad buy are not simply products of doomsaying and media negativity. New Zealanders face a different mix of challenges.
There has been concern expressed by serious people about the short and medium term macroeconomic outlook. People are right to change their behaviour (especially their borrowing patterns) in response to the recent volatility and the uncertainties being expressed about the future.
Maybe the media could do a better job of communicating what the effect on 'ordinary' people is likely to be. People like to plan for the future rather than assume optimistic or anxious postures just for the fun of it.
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Thanks Lucy - I'll try and catch the episode. There was a good BBC Newsnight video piece (15 min) on the long term US economic situation a couple of nights ago.
Paul Mason looked at the twin long term trends of falling real wages, disappearing jobs and how easy credit has been replacing disposable income as a driver of American consumption.
It's more interesting than I make it sound. It's not going to be easy to fix - Obama faces a real challenge when he's finished dealing with the credit crunch.
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Speaking of interesting comments, Bob Novak's 'Powell was never much of a Republican' column in the Wapo got a hostile reception.
Highlights include:
I get it. General Colin Powell is not a "real" Republican. Liberals who live in Virginia are not "real Virginians." Muslim Americans are not "real" Americans. Women who want to keep abortion legal are not real women. Homeless people who walk infront of a car and get hit are not "real" people.
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Thanks for posting the Eye to Eye episode. That thing about Peters knowing when to grin really was a great observation by whoever originally made it.
My main go-to-media figure Krugman won the Nobel prize. I feel so vindicated.