by Beverly Mann
Wealthy people hire people? I didn’t know that.
Crossposted with the Annarborist
“Unemployed people hire people? Really? I didn’t know that. The truth is the unemployed will spend as little of that money as they possibly can.”(here)
—Rep. John Shadegg of Arizona and Economics Nobel Prize laureate
Actually, of course, since Shadegg is right that the unemployed will spend as little of that money as they possibly can, and since as little of that money as they possibly can is, for most of the unemployed, all of the unemployment compensation they receive, unemployed people who receive unemployment compensation, unlike unemployed people who don’t, do hire people. Or at least prevent the layoffs of people.
Shadegg might want to consult the waitress at the coffee shop he stops at in the morning. Or better yet, the real estate agent who’s trying to sell that house down the street from his that isn’t quite yet in foreclosure.
Shadegg’s economics theory, of course, would make a perfect subject for our president to use as an object lesson for the public about the Republicans—and as a call to action, or rather anger, by the public. But then, he’d have to actually speak to the public about policy. And since that’s not in his repertoire of things he thinks a president should do, or is not in his repertoire of things he’ll trouble himself to do, Shadegg & Friends will win, on the policy itself and politically; when the economy begins to collapse again, no one will know why, and even then Obama won’t explain or remind them.
I would so love to see a Howard Dean-type Dem come out of the blue and challenge Obama for the 2012 nomination—and start now to educate the public and vociferously push back against the Republicans by turning the tide of public opinion. This Dem also could make the Afghanistan-war bottomless money-and-lives pit a hot topic, too.
This uninterrupted rightwing monologue we’ve endured throughout the last 20 months or so will continue uninterrupted until a countervailing force of that sort emerges.
Oh, and as for wealthy people: They hire people? I didn’t know that.