The New York Times has been the center of what Robert Higgs calls “Vulgar Keynesianism,” and today Daniel Gross, the economics editor at Yahoo continues the parade of nonsense. Gross claims that the way to economic recovery is for Americans to once again max out on consumer debt and spend, spend, spend.
I have my reply to this advice from yet another NYT “elite” in my Krugman-in-Wonderland post, “Daniel Gross: Channeling His Inner Krugman.”
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Simple question? If according to the author, it is debt that drives the economy, well who is the lender? These clowns have to face reality. The lenders are leaving. The governments of China, Brazil, India, Russia, the OPEC countries, South Africa, etc are tiring of lending trillions to the USA at long term rates of 3%. The funny part is that only governments are stupid enough to do this as individuals would have given up lending to the US Government long ago.
Don’t you think it’s kind of funny that a university professor is accusing a journalist of being “elite”?
Why don’t you just say you disagree with him – why all this “elite” nonsense?
Elite is a mindset, not an occupation.
Indeed, Daniel please find something else to gripe about. Elitism is a disposition towards others and not necessarily related to one’s position… central planners and their advocates, whether plumbers or CEOs, are elitists…
Why does Daniel Gross hate America?
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