I’m left wondering why the Wall Street Journal publishes Alan Blinder.
Blinder comes across as arrogant and smug, which I don’t think is befitting of op-ed space in WSJ. Here’s an example:
For months, we have witnessed the spectacle of people arguing that Keynes was wrong. Somehow, additional government spending actually reduces employment—even when the economy has huge amounts of spare capacity and unused labor desperate for work; even when the central bank will prevent interest rates from rising to “crowd out” private spending. Really?
One current catchphrase is “job-killing spending.” Hmmm. How, exactly, does more spending kill jobs when there is idle capacity and no threat of rising interest rates? Stumped? So am I.
The anti-Keynesian revival has been disheartening enough. But now the economic equivalent of the Flat Earth Society is turning its fury on Ben Bernanke and the Federal Reserve.
If you have a case, state it. No need for the ‘Really?’ and Hmmmm… That’s more befitting for a blog post, not a serious newspaper.
And, the worst part, hes’ wrong. I eagerly await the economists to debunk his column. Here’s the first debunking that I’ve seen from Charles Rowley.