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Zoellick’s imbecilic recommendations August 15, 2011

Posted by larry in economics, social justice, social policy.
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Zoellick might as well be singing if lovin’ you is wrong, I don’t wanna be right with respect to his neoclassically motivated advocacy of cutting welfare and social security as part of a solution to the economic crisis.  Not only is this recommendation not part of the solution, it is part of the problem.  Cutting government spending in a recession can only make the situation worse.  The danger zone as Zoellick refers to it has been largely brought about by government ineptitude following upon bank ineptitude.  In a sovereign country with sovereign control over its own currency, there is no way, short of political ineptitude, that such a country could never meet its welfare and social security obligations. To suggest otherwise is to engage in bullshit* (not know what you are talking about) or  lie.

* See Harry Frankfurt’s brilliant essay, On Bullshit either here or here.

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