When I hear this nonsense about "trickle down economics" I go back to George H.W. Bush's statement to Ronald Reagan when he said that "trickle down economics" are "voodoo economics" and they are. There is no Trickle Down Theory of Economics. Period. When I hear the Republicans talk about the need to pay for unemployment benefits but there is NO need to pay for the tax cuts for the ultra-rich it is crystal clear that they are either lying and/or stupid. There are no other options - lying and/or stupid. Do the math. When you extend unemployment benefits to it goes right back into the economy. When you give huge tax breaks to the rich, they keep it. The myth of the rich pouring it back into the economy is exactly that - a myth. CBO has also stated this in no uncertain terms as well.
If President Obama caves in to the Republicans on extending the upper two percent George Bush Tax Cuts then he will be the George McFly of politicians (great article explaining why Obama already is George McFly). Politifact does a great job showing how completely out to lunch some of the key Republicans are on this issue. It is no surprise, because any party (not all, but most) that is anti-science (think evolution, global warming, gays in the military, ...), would surely be anti-economics as well. However, I do think the Republicans are brilliant in their ability to get Obama to cave on important issues. Obama has zero courage and the Republicans have little knowledge of sciences and even less desire to help the country as witnessed by the Republican Senate Leader Mitch McConnell's "one term Obama" mandate. Congress's inability or desire to make hard decisions is why we stay in the crapper right now as a nation. I better stop now and stick to the point of my post - which is economic theory. Hopefully my long term friend, Steve Fritzinger, will post his comments on this as he is a real expert on economics among other topics. Steve has a podcast on economics for the BBC which is fantastic.
Obama will end up being a one term President. As the old saying goes, "dance with who brung ya". Obama's total cowardice when dealing with the republicans is just unbelievable. He caves before any fight. If he was a poker player, he would fold BEFORE the other players bluff. When I read the following in Mother Jones Magazine, that came out in this latest Wikileaks fiasco (BTW, the founder of Wikileaks should go to jail for this) it became crystal clear to me that any hope of Obama having the courage to lead this country is completely gone:
"In its first months in office, the Obama administration sought to protect Bush administration officials facing criminal investigation overseas for their involvement in establishing policies the that governed interrogations of detained terrorist suspects. A "confidential" April 17, 2009, cable sent from the US embassy in Madrid to the State Department—one of the 251,287 cables obtained by WikiLeaks—details how the Obama administration, working with Republicans, leaned on Spain to derail this potential prosecution.
The previous month, a Spanish human rights group called the Association for the Dignity of Spanish Prisoners had requested that Spain's National Court indict six former Bush officials for, as the cable describes it, "creating a legal framework that allegedly permitted torture." The six were former Attorney General Alberto Gonzales; David Addington, former chief of staff and legal adviser to Vice President Dick Cheney; William Haynes, the Pentagon's former general counsel; Douglas Feith, former undersecretary of defense for policy; Jay Bybee, former head of the Justice Department's Office of Legal Counsel; and John Yoo, a former official in the Office of Legal Counsel. The human rights group contended that Spain had a duty to open an investigation under the nation's "universal jurisdiction" law, which permits its legal system to prosecute overseas human rights crimes involving Spanish citizens and residents. Five Guantanamo detainees, the group maintained, fit that criteria."
It is a shame that Obama looked like such a tough leader in the campaign and has turned out to be such a wimp when dealing with the republicans.
We have gone from the worst president of all time in George W. Bush to someone who looks like the cowardly lion in the movie The Wizard of Oz.
BTW, I am not a Democrat or a Republican, I am a pro-science, pro-logic, pro-knowledge, Independent and I recommend everyone watch The Daily Show or The Colbert Report to get their news and stay away from Fixed Noise (Fox News - it is clear why Fox hosts want Bush tax cuts extended) and MSNBC. You will be better informed and a happier carbon based unit as well :-)
I should go back to writing about technology, it does not raise my blood pressure :-)