The Great Predictor – Trump’s new chief economic adviser

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The Great Predictor – Trump’s new chief economic adviser

Post by Ken Greenwald » Sun Mar 25, 2018 6:45 pm

This article appeared in The Week, March 30 issue, page 12 and is based on a NYMagazine piece by Jonathan Chait.
Consistently wrong on the economy:

President Trump’s new chief economic adviser, Larry Kudlow has been “historically, massively wrong” about the economy for decades said Jonathan Chait. Kudlow, the former CNBC host [[The Kudlow Report]] taking over from Gary Cohn as head of the National Economic Council, is a doctrinaire supply-sider who has an almost “theological” belief in cutting taxes. When President Bill Clinton raised the top income tax rate in 1993, Kudlow predicted it would halt the recovery and depress growth. An unprecedented boom followed. Kudlow prophesied the Bush tax cuts would generate such growth that budget surpluses would blossom; instead, they produced giant deficits. In 2007, he dismissed housing bubble fears as a “hallucination” created by Bush-hating pessimists. “There’s no recession coming,” he insisted. After stocks crashed and the great recession set in, he warned that President Obama’s stimulus program would strangle the recovery. This year Kudlow predicted that the Republican corporate tax cut would pay for itself; it is already ballooning the annual deficit to $1 trillion. Predictably, Kudlow is pushing for yet another tax cut. With Trump and Kudlow at the helm, “the dawn of fiscal sanity in the GOP is receding into the distant future.”
With economists like this – and he isn’t an economist (BA in history) – who needs enemies. :shock:

Ken Greenwald – March 25, 2018

Re: The Great Predictor – Trump’s new chief economic adviser

Post by Erik_Kowal » Sun Mar 25, 2018 9:59 pm

Which prompts me to post the Prayer of St Francis as conceived by Donald Trump and used as his guide for appointing officials:

Lord, make me an instrument of disharmony.
Where there is not yet hatred, let me bring detestation.
Where there is no offense, let me bring four-letter words and racial slurs.
Where there is unity, let me bring fragmentation.
Where there is certainty, let me bring propaganda.
Where there is accuracy, let me bring fake news.
Where there is optimism, let me bring suicidal ideation.
Where there is balance, let me bring insanity.
Where there is merriment, let me bring misery.

O Master, let me not seek as much
to console as to instil fear,
to be understood as to confuse,
to be loved as to radiate poison,
for it is in giving others shit that I receive gratification,
it is in self-obsessing that I attract the attention of others,
it is in condemning that I have excuses made for me,
it is in winning reelection that I shall be raised to eternal celebrity.

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