November 30, 2008
YOU CAN'T BE THE PARTY OF TRADITIONAL AMERICAN FREEDOM AND FAITH...:
Republicans Must Fight for Freedom to Regain America's Trust (Sen. Jim DeMint, 11/8/08, DC Examiner)
In the name of bipartisanship, our leaders supported amnesty, big new entitlements, more federal control of education, and compromises on energy. And too often Republicans shied away from defending values of life, family and faith. [...]
[A] strong majority of Americans are conservative and support the principles of freedom our nation was founded on.
...and the anti-immigration party.
What Would Keynes Have Done? (N. GREGORY MANKIW, 11/30/08, NY Times)
IF you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront.
According to Keynes, the root cause of economic downturns is insufficient aggregate demand. When the total demand for goods and services declines, businesses throughout the economy see their sales fall off. Lower sales induce firms to cut back production and to lay off workers. Rising unemployment and declining profits further depress demand, leading to a feedback loop with a very unhappy ending.
The situation reverses, Keynesian theory says, only when some event or policy increases aggregate demand. The problem right now is that it is hard to see where that demand might come from.
No, it isn't.
Posted by Orrin Judd at November 30, 2008 7:36 AM