Five Nobel Laureates Oppose Balanced Budget Amendment

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It’s official.

The wingnuts’ penchant for putting their own interests ahead of the national welfare is now on display for all to see. A group of the world’s top economists, including five nobel laureates just said as much in a letter to President Barack Obama and Congress.

What’s got them pissed off?

Well, in general it’s the complete politicization of the national economic discussion. That’s a nice way of saying political lies are drowning out economic truth.

More specifically, they’re fuming over a new wingnut initiative to require a balanced budget within five years.

It’s not that economists don’t like balanced budgets. They do. In fact, they love the kind of budget surplus that President Bill Clinton handed over to his successor in 2000.

They like to see us run a surplus in good times, so we have something to fall back on in rough times.

However, the cuts the Wingnuts are proposing would plunge the nation and the world into harder economic times by cutting a hole in the social welfare safety net just when working people need it most. Imposing those kind of cuts on a sputtering economy is like trying to jumpstart a drained battery with the lights, radio, air conditioning, heat and hazard lights all running on maximum at the same time.

It’s akin to paying off your credit card debt when you’re unemployed, instead of waiting until you’ve got some money coming in again from a new job. It would be, to borrow a term popularized by Enron hero Vince Kaminski, “not only improper, but terminally stupid.”

blinderOne of the first tactics of machine politics is to discredit your critics when faced with such a scathing letter. However, in this case, the letter is signed by a group that’s not exactly known for their collective liberalism.

This group is led by Alan Blinder, the former Fed vice chairman who made his bones at the bastion of commie thought that is the London School of Economics. He’s co-director of the commie-pinko leaning Princeton University Center for Economic Policy Studies. Clearly.

A Stalinist dupe?

I think not.

Even the wingnuts can’t argue with this group’s credentials. The bigger question is whether they even care at this point.