Tuesday, December 9, 2008

Washington Monthly also SLAMS Pawlenty

In the previous discussion about a columnist slamming Governor Pawlenty, I mentioned that Gov. Pawlenty wrote a silly proposal for a balanced budget amendment. I argued that the proposal was dumb because it would disallow deficit spending under any circumstances.

The Washington Monthly thought even less of his article then I did and said the following:
I honestly don't know where to begin in responding to such an insane policy prescription. The first point, of course, is that trying to balance the budget in the midst of a financial crisis is the exact opposite of what every sane person realizes we need -- a government stimulus to help spur the economy. Why would Pawlenty recommend slashing hundreds of billions of dollars in government spending right now?

Second, that the Minnesota governor sees a similarity between an individual family's budget and that of the United States government suggests he has a child-like understanding of economic basics. As Publius recently explained: "The micro-considerations of an individual family or business has nothing much to do with what governments need to do to get the larger economy moving again. Even worse, it's often affirmatively harmful to adopt microeconomic solutions to macroeconomic problems."

If Pawlenty is a rising star in the Republican Party, the GOP's future is painfully bleak. This piece suggests Pawlenty looked back at the Great Depression, and became convinced that Hoover was right.

I've written about the first point, but the second point deserves some commentary and it can be said rather succinctly. Carleton College (like every school that teaches economics) offers two different "Introduction to Economics" courses. One course is MacroEconomics and the other is MicroEconomics. They are very different, in fact, the study of economics as a whole follows this division to a certain effect.

Point remains: Someone needs to Govern.

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