Truth Before Dishonor

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Posts Tagged ‘Hayek’

The Ever-Present “Unexpected” Strikes Again

Posted by John Hitchcock on 2012/07/02

Hot Air’s Erika Johnsen, writing about the lower levels of support for Obama among the very young voters, hits on economics. And the ever-present “unexpected” laugh line strikes again.

And with Obama at the helm, it isn’t looking like there’s an end in sight — as Jim Pethokoukis summarizes, several of our already-anemic growth indicators are starting to slow up even more. The hits just keep on coming (unexpectedly, of course):

New data suggests the three-year economic expansion — as anemic as it has been — may be at an end, or is at least perilously close. The Institute for Supply Management’s factory index unexpectedly fell to 49.7 in June from 53.5 a month earlier. A reading of less than 50 signals contraction.

Not one of 70 economists interviewed by Bloomberg thought it would be below 50.5. …

But these numbers are just the latest in a long string of worrisome reports including rising initial unemployment claims, slowing job growth, falling consumer confidence, and declining durable goods orders. Oh, and the rest of the global economy is slowing, too.

All these so-called economics experts, Keynesians to a man, who are constantly surprised by the bad economic numbers, and the Left keeps going to them for advice. Keynesianism has been a proven failure in the economically collapsed European community, in faltering China, in faltering US. Where there is real growth in the US, it is despite Obama and the Democrats, not because of them. I give you Texas, which has been an economic leader for at least 10 years. I give you Wisconsin, which threw off the Leftist Government and replaced it with Conservative governance. I give you Ohio and Pennsylvania, which threw off their Leftist Government and installed a far more Conservative Government.

As far as the Leftist position, I give you California, which has seen years of job-and-people flight to far more business-friendly states (like Texas and Utah). I give you Illinois, which has been Democrat-and-corruption-run (but I repeat myself) for quite some time, and pumped in the largest tax increases in Illinois’ history — to results completely “unexpected” by the “experts” but fully warned about by Conservatives (including here on this site, multiple times).

The Keynesian economic “experts” upon whom the radical Leftists so adamantly depend, will always be surprised by actual economics as they continue to tout their abysmally failed economic “theory”. As Conservatives and Republicans (not necessarily the same thing, but Conservatives already knew that) gain more governmental leadership in 2012 and implement much more Austrian Economic theory (the Hayek approach), the Keynesian economists will scream and kick and fight and bite, declaring the end of the world. But the economy will rise out of the Leftist Keynesian ashes, like a Phoenix.




UPDATE 20120703
While Bloomberg couldn’t find an “expert” economist who had forecast below 50.5 among the 70 Bloomberg interviewed, Reuters’ economists had predicted a score of 52.0. And the “expert” economists that the Associated Press talks to suggest the GDP growth rate for Q2 will fall to 1.5 from the 1.9 growth rate experienced in Q1. Those “expert” economists are now declaring their previously forecast 2.0 growth rate for 2012 was too optimistic. While the Baraka Obama propaganda campaign and “budget” ten-year plans have always been dependent on growth rates in the fives, far above historical growth rates, (also meaning his outrageously large self-admitted deficit spending would be ever more outrageously large since tax revenue would be far below “expectations”), a look at the US population growth rate over the past 110 years will clearly show that a 2 percent GDP growth rate isn’t even enough to keep up with the population growth.

Seriously, when will the Left quit listening to Keynesian “experts” when they are so clearly wrong in their predictions and in their philosophy?

Posted in Conservative, economics, Elections, Liberal, Over-regulation, Philosophy, politically correct, Politically Incorrect, politics, society | Tagged: , , , | 3 Comments »

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