Tuesday, November 25, 2003

The Econopundit, in the first article I ever read by him, offers up this inane nugget
Yet I think it's important to remember the whole "porkiness" of pork vanishes after first-round spending. By objective standards everyone would agree that, say, a quarter million dollars homeland security spent upgrading some local Hooter's restaurant is corrupt. But all the profits, rents, and salaries generated by this spending are spent and taxed exactly like all other dollars in the economy. You ignore this principle at your own peril.[emphasis in original]
in his peice @ Econopundit. EconoPundit is pretending the only difference between the market and the criminal markets is the first payment. Pimps and junkies spend their money (and pay their taxes) excactly like Bill Gates and I, uh huh. I'd be surprised if we weren't all in the same market for dinner tonight (ugh!) Although I suppose, at the tail end of the article, it is more of an afterthought... let me pull out something earlier, ah, here we are
So what would have been the economic outcome? First, we'd have seen a slightly milder recession but a dramatically slower recovery.[emphasis in original]
Hear that? If we'd delayed a regressive tax cut the longest recession recovery in post-WWII history would have been longer! Wooh! Welcome to wacky land.

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