As the Democratic primary race tightens, Hillary Clinton has been trying to cast opponent Bernie Sanders as unrealistic and "pie in the sky," but a leading University of Massachusetts economist says such criticisms are "dead wrong" and, in fact, the Vermont senator's proposals are precisely what will "make the economy great again."
So which is more "Pie in the Sky" - allowing the 99% a share directly, or giving everything to the 1% and then waiting for something to "trickle down?"
We've been waiting for that particular "pie in the sky" for a long time!
This post was flagged by the community and is temporarily hidden.
This is terrific. It is one thing when lay people say that Bernie's proposals will work, but another thing entirely when a distinguished economist says it. I hope this article gets wider distribution than just the Nation.
The problem is that the selfish greed of the 1% will not allow it. Unfortunately, their selfishness will also be their demise.
Bernie's "pie in the sky" is Killary's pie in the face!
It's time for a well-publicized, town hall style debate before the NY primary! Come on you little chicken hawk! De-BATE! De-BATE! De-BATE!
I hope you are right. Go Bernie!!
Hillary is as phony a democrat as you will ever find. The DNC is no better they way it has unfairly supported Hillary along with the corporate media.
Sanders policies are sound . America is gthe only country in the world that bawks at an affordable education. It's not just republicans it's democrat politicians also sitting back in silence and then supporting the fascist agenda.
My own state just announced it will be raising state university tuition over $400.00 this next term and it's ridiculous as we are one of the highest taxed states in the country (CT). We have a democrat governor in lip service only and is anti union, anti labor and their is no such thing as an anti labor democrat.
Sanders does not just have to start taxing Wall Street and wealthy corporations he has to but back Glass-Steagall again to reign in their ponzi schemes and prosecute the criminals when it's necessary.
Hillary would give you nothing but more Reagan supply side failed economics.
Wake up people and FEEL THE BERN!!
By now everyone with even half a brain should have figured out that money doesn't trickle down, it only trickles up. I'm not going to say what really "trickles down", but I suspect you're all smart enough to guess what I mean...
As a freshman at Hunter College of CUNY, I took a three semester hour course in Economics in night school. The teacher held a day job working for AT&T as an economist. He covered the course material quite well but also spent as much class time on AT&T as a good working example of a natural monopoly heavily regulated by State of New York government, which I found even more interesting.
To change conditions in the US, we would need to confront the years of (corporate-driven) propaganda of the right, as well as legitimately review our own 20th Century history to see what worked better, and what didn't.
Since the 1980s, the US has experienced a significant deterioration in overall quality of life and in our ability to compete in the modern world market. For the nation to survive (rather than collapse) would require changing our priorities, and making a significant investment in legitimately addressing poverty and rebuilding the economy/nation. We have a general blueprint in FDR's New Deal -- that (successful) "alphabet soup of agencies." In the 1980s, we decided to step back, increase corporate tax cuts, and wait for them to use these funds to create the always-promised mass of "good, family-supporting jobs." It didn't work. However, directly investing in both job creation and the education/skills training required to build a world-class workforce actually did work, as we saw from FDR's WPA, etc.
She won't De-BATE, because she's afraid of De-Bernie!
Back in the 1930s, oilwells delivered a return on investment of 100:1, Effectively. that meant free energy in real terms. The world population was around 2bn.
Humankind did what all species do when presented with an abundant energy source, we grew our numbers, on the promise that our new energy source was to last forever.
We now know that was a lie (at least some of us do)
Right now the best oilwells deliver a return of around 20:1, while marginal tight oil sources return only 6:1 or less. Forget alternatives and renewables, they return even less; we are deluding ourselves that we can sustain a global population of 7Bn using expensive energy, on an economic system rooted in an era that needed only to support 2 bn when energy was effectively free.
The consensus of scientific opinion is that our civilisation cannot exist below an energy production return of about 12:1. Regardless of the anomaly our current oil glut, that is where we are headed. And no form of "presidential economics" is going to change that,
Government "spending" cannot increase GDP. It merely passes cash around in a circle, hand to hand.
Otherwise known as taking in each other's washing.
No nation can sustain itself beyond the availability of its indigenous energy sources, other than by looting it from elsewhere. (Fit that to the gulf oil wars, and you'll get my drift) The alternative is to face decline and oblivion. The USA insists on living beyond its means, insisting that "spending" will revive the economy. It won't. like most of Europe and other "developed" nations. That is unsustainable,
this explains why Greece has been the forerunner of what is going to happen to the USA and elsewhere:
Right now, there is an overwhelming demand to know why living standards are dropping, and have been for the last 40 years. The reason? The major oil discoveries peaked about then, and have been declining ever since. We now use about 4 barrels of oil for every new barrel of oil discovered. (the Bakken and Athabasca were known about in the 1950s)---it really is that simple, and neither Sanders, Clinton or Trump can change that.
Which means the world economy is being crushed in the closing vice between hydrocarbon usage and the cost of getting hold of it.
Sure, jobs might be draining away to China or Mexico and elsewhere, but that's only short term. They too will feel the same crushing force as the developed west soon enough, because they work to the same economic model of "infinite growth".
Bernie should ask this economist to make a video for his campaign. He should also ask Jamie Galbraith, another highly esteemed economist who finds Bernie's plans not only viable but the only sane way forward for the US.
Bernie should also clearly label Hillary's No-We-Can't mantras for what they are. As Wall Street bankers clearly understand, her denials are actually positive -- they are demand for AUSTERITY for the vast majority of Americans in order to allow the 1% to suck wealth upward more efficiently.
I think Bernie is great except for one factor - he appears to be VERY strong on internal affairs - jobs, the economy etc....but nothing on how to deal with that big bad world outside ??
For sure everybody here is. That leaves some questions about elsewhere, though; I don't know who I would be more skeptical about, DLC-Democrats or the corporate media.
There was a great article somewhere years ago in which the author said that rather than "trickle down," a more apt metaphor would be "horse and sparrow economics." The rich were horses, money was the corn fed to the horses, and everybody else was the sparrows who got whatever corn "filtered" through the horses.
I was always a little disappointed that figure of speech didn't catch on better than it did.
Totally agree...like the Gabbord one in Hawaii. Especially run it in New York before their election.
Patchwork Celt: Good reference. I believe the author was John Kenneth Galbraith. His son, also an economist, regularly on RT.
Turtle Islander - great idea for an ad. Like the amazing Gabbord one in Hawii...that seems to have had a great effect (along with hundreds of thousands of motivated voters). Such an economic ad should be great before New York votes. The tides are changing.
Yes, Bernie's economic plans are the Real Deal! When working people have a few extra bucks they spend and energize the economy (such as it is). When the 1% have a few extra (million) bucks they buy/merge other companies to create monopolies, and corrupt (buy) malleable (very) politicians to pass more legislation giving them further tax cuts and advantages the 99% do not have!
Trickle down "economics" is just a word-charade fraud corrupt politicians use while they increase the wealth of the few - trickle up economics is what we really need, and what Bernie will bring to the table for millions!