If You Want to Know Why Economists have a Bad Reputation

Look no further than some of the brain-dead idiocy suggested as part of this NY Times poll of economists. Saddest quote of the day is from Andrew Samwick, who decided to be stupid the day the U.S. elected a non-Republican president:

“If I had my druthers, the word ’stimulus’ would be expunged from public discussion, along with ‘bailout’ and ‘rescue.’ These words convey the idea that, because we have so mismanaged our economic and financial affairs, we are somehow able or entitled to conjure up additional funds out of thin air to fix our problems.

Samwick does at least close his ranting with some sensible proposals, instead of the idiocy from Andrew Roth, who lies with impunity because the NYT is stupid enough to let him do so:

“The best way to spend $500 billion would be to permanently eliminate the corporate income tax….It would instantly increase asset valuations like 401(k)’s, I.R.A.’s, and homes, which have been hemorrhaging in value over the last several months.

That’s right. The solution to the 30% decline in housing prices and that 40% decline in your 401(k) is bankrupting the country and letting your grandchildren pay for it.