The Last Reasonable Republican

As far as conservatives go, David Frum is probably the most reasonable and rational of them all. Yes, the guy who coined the phrase “axis of evil” is now one of the only Republicans who appears to understand reality. Here we see Frum calling out the conservative bullshit line on Greece and the economy.

Here are two of the smartest men on the economic right, one [Phil Gramm] a former chairman of the Senate banking committee, the other [Glenn Hubbard] a former chair of the Council of Economic Advisers. Yet they insist on treating today’s economic crisis as a repeat of 1979-81—and Europe’s agony as a debt crisis (which it isn’t), not a currency crisis (which it is). Why? Well you will consider only one policy solution—cut taxes and regulations—then you must insist that there can be only one policy problem.

Yet in almost every way, today’s economic problems are exactly the opposite of those of 30 years ago. Then we had inflation, today we are struggling against deflation. Then we had weak corporate profits, today corporations are more profitable than ever. Then we had slow productivity growth, today it is high. Then the to-individual income-tax rate was 70%. Today it is 36%. Then energy regulations produced energy shortages. Today the removal of banking regulations has produced an abundance of debt.

Frum is a conservative who we can rationally discuss the issue with. We won’t agree on a lot of things, but we’ll have very similar grasps on reality. This is to be embraced.

Print Friendly
This entry was posted in Economy and tagged , , , , , , . Bookmark the permalink.
  • i_a_c

    I have some Republican friends I talk to that insist that inflation is through the roof because we keep printing money for Obama’s spending binge. (Neither the cause nor effect is even close to true.) They hear news of more “quantitative easing” (increasing the money supply) by the Fed and think we’re going to turn into the Weimar Republic.

    The Republican dogma conflates fiscal and monetary policy, and misrepresents them both.

    • muselet

      Weimar Republic? I thought Rs were afraid of the US becoming Zimbabwe (hmmm, wonder why they chose Zimbabwe, of all places).

      –alopecia

      • i_a_c

        Zimbabwe? I actually haven’t heard that one before. But if they’re afraid that Obama might steal white people’s land, I can see why they might fear as such.

        • muselet

          Oh, lucky you.

          Righties were banging the we’re-going-to-be-just-like-Zimbabwe drum maybe a year ago, because ZOMG hyperinflation is just around the corner! BE AFRAID! BE VERY AFRAID!

          It is true that Zimbabwe’s economy is a shambles—because of Robert Mugabe’s kleptocracy—and the country is suffering hyperinflation (well, the regular people are, not the kleptocrats). For Righties, though, the bonus is that they don’t need explicitly to point out that the president is blackety-black-black, they just point to an African nation and let the rubes draw their conclusions.

          It’s disgusting, but the meme’s out there.

          –alopecia

          • villemar

            Here’s another reason the Paultards are such idiots: Their messiah has been predicting ultra-mega-super-hyperinflation for the past 30 years now.

            (And yes I have heard the Zimbabwe meme).

  • RichardLAnderson
  • missliberties

    Yes. And may I suggest to those of us who are not insane, IF, perchance Mitt Romney were to win the Presidency (god forbid) he would no doubt inherit a country in decline because of the success of tea party, GOP obstruction.

  • RichardLAnderson
  • Victor_the_Crab

    Is there any way to deal with these fucking spammers? Like a large mallet, maybe?