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Thursday, August 03, 2017

Politico showcases its ignorance of economics

Catcher turned announcer Tim Carver likes to tell the tale of the time he started heading to the mound for a talk, when Bob Gibson told him to go back, telling him the only thing you know about pitching is you can't hit it.

So it goes with Politico and economics.

Politico tried to use economists to sabotage President Trump's call to roll back legal immigration:
Economists consistently say that economic growth depends on expanding the workforce, not shrinking it, as the RAISE Act (S. 354 (115)) would do. The bill, which faces steep opposition from Senate Democrats and pro-immigration Republicans, was sponsored by Sens. Tom Cotton (R.-Ark.) and David Perdue (R.-Ga.).
Economic growth, as measured by Gross Domestic Product, is an increase in the quantity of goods and services produced by workers; the more workers, the more goods they can produce. And with U.S. population growing at its slowest pace since the Great Depression, the only way the workforce can expand is through immigration.
Economists therefore tend to worry not about there being too much immigration, but rather not enough. "For the past half century," a 2015 McKinsey report said, "the twin engines of rapid population growth (expanding the number of workers) and a brisk increase in labor productivity powered the expansion of gross domestic product. ... This demographic tailwind is weakening and even becoming a headwind in many countries."
Yes, just like economists told politico President Trump would crash the economy.

There was this:
Economists savage Trump's economic agenda
Raising tariffs and deporting millions of people will drive up prices and cause recession, experts assert.
And this:
Trump’s Frankenstein economics
Republican experts cast their candidate's inconsistent plan as a product of politics, not policy vision.
And this:
Economists: A Trump win would tank the markets
If GOP nominee pulls off a Brexit-like surprise, Wall Street would face a Brexit-like stock plunge.
All I know about baseball is three strikes, and you are out.

Unless you are a Politico economist.

Then you get four.

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  1. Economists (I'm talking about you Paul Krugman) often get much more than 3 stirkes.

    Yet, the more they flail away (another swing and a miss!), as long as they are following the MSM's narrative of "Capitalism: Bad!", the more they seem to be respected by their peers.

    For economists, accuracy in forecasting is not a pre-requisite for fame.


  2. They deserve to be struck more than three times. Are we still talking baseball?

  3. Tim McCarver, Big D. Part of World Series history. Gibson's KO record against the Tigers. "Gimme the goddam ball!" Great story.

    1. I'm not a baseball fan, but I remember reading about Gibson in his prime. He was amazing.

  4. Robotic technology will end the need for immigrants. Robots will do the jobs Americans refuse to do. Economists will be the last to catch on that in a growing number of critical industry segments it's worker productivity that matters the most these days. Machines worker faster and harder and longer than the neediest immigrant from Central America.

  5. Who and what are Politico and Paullie "The Beard" Krugman: I'll take Fools and Poltroons for $1000, Alex.

  6. And the constant headlines when economic results are announced ..... "experts surprised at blah blah blah".

  7. I have an MA in Economics. In my first year after transferring from Physics to Econ as an undergrad, I learned something very important about Economics as a profession, which I told my professors and which riled them greatly.
    Economists are paid to support a position. Period. Later I learned another truth, from one professor that didn't get mad. There are real economic rules and good researchers find them, but to be highly paid and achieve fame, you must be able to support false positions.
    Reuben J

    1. "but to be highly paid and achieve fame, you must be able to support false positions."

      That sounds just like Journalism.

  8. You cannot have infinite 'growth' (however defined) on a planet with limited space and resources. Any 'economist' who does not appreciate and accept these fundamental realities never will get it. So our economic policy should be to just increase our population size forever? Some of these "economists" (eg Moore) are *$#$(ing retarded.

  9. I am not an economist and didn't stay at a Holiday Inn last night, but I flat guarantee that these clowns would sing a different tune if thousands of trained and credentialed economists were flooding across the border.