Wonk If You Love Obama
Lefty economists unsuccessfully try to stretch outside their comfort zones.
After a few minutes, he continued his rant, calling McCain's tax cut "so profoundly reckless, it's unreal." He followed that by blurting "mind-boggling," presumably about McCain's economic plan. We sympathize with his frustration about McCain's economic judgment, but Sachs is using a hatchet when he should be using a scalpel. McCain's promised earmark cuts are admirable, even if they don't account for a large part of the deficit. McCain's approach to 401(k)s arguably makes more sense than Obama's willingness to let folks bankrupt their retirement savings because of short-term fear. Conservative economic policy isn't inherently evil.
Moreover, Sachs seemed to ignore the political pressures on the new economic era. He said he supported Joe Biden's comments that it's patriotic to pay taxes and suggested that we should tax people more so we can help the poor stop being so poor. If that's the party line Sachs wants to tote, that's fine. But when the panel's moderator politely asked whether promising to raise taxes for the poor is a politically feasible effort, Sachs ranted about higher taxes working in Europe. Last time we checked, Europe is far from utopia.
Sachs' unwillingness to think realistically may work within the university setting. (After several of his responses, the audience burst into applause.) But it does no good in politics, where economic right and wrong sometimes need to be kept in the closet until an election is won. Politics lords over policy.
Sachs clearly wants Obama to get elected. He's a smart-enough guy to know that means political sacrifices have to be made. Just ask Goolsbee.
- « first
- ‹ previous
- 1
- 2
- 3
RSS
Twitter
Comments