{"id":1588868,"date":"2022-08-04T11:16:43","date_gmt":"2022-08-04T15:16:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1588868"},"modified":"2022-08-04T11:16:56","modified_gmt":"2022-08-04T15:16:56","slug":"these-economists-say-whatever-democrats-want-them-to-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/these-economists-say-whatever-democrats-want-them-to-say\/","title":{"rendered":"These \u2018Economists Say\u2019 Whatever Democrats Want Them To Say"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthese-economists-say-whatever-democrats-want-them-to-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1588868&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>\u201cTop economists say Democrats\u2019 health care and climate package will put \u2018downward pressure on inflation,\u2019\u201d CNN <a href=\"https:\/\/www.cnn.com\/2022\/08\/02\/politics\/economists-democrats-package-downward-pressure-inflation\/index.html\">informs us<\/a>. And really, who are you, a mere mortal, to question the decrees of top economists?<\/p>\n<p>This kind of appeal to authority was popularized during the Obama years, when the then-president would say <a href=\"https:\/\/books.google.com\/books?id=53rqPHRi6K4C&#038;pg=PA131&#038;lpg=PA131&#038;dq=%22every+economist+from+the+left+and+the+right,+has+said,+because+of+the+Recovery+Act,+what+we%27ve+started+to+see+is+at+least+a+couple+of+million+jobs+that+have+either+been+created+or+would+have+been+lost.%E2%80%9D&#038;source=bl&#038;ots=noO3xch_QX&#038;sig=ACfU3U09YOWExBJ9BME71XHURWTKLGrmmQ&#038;hl=en&#038;sa=X&#038;ved=2ahUKEwiGwe6Q_ar5AhWeGVkFHQe2Dm0Q6AF6BAgEEAM#v=onepage&#038;q=%22every%20economist%20from%20the%20left%20and%20the%20right%2C%20has%20said%2C%20because%20of%20the%20Recovery%20Act%2C%20what%20we&#039;ve%20started%20to%20see%20is%20at%20least%20a%20couple%20of%20million%20jobs%20that%20have%20either%20been%20created%20or%20would%20have%20been%20lost.%E2%80%9D&#038;f=false\">nonsensical things<\/a> like, \u201c<em>Every<\/em> economist from the left and the right has said, because of the Recovery Act, what we\u2019ve started to see is at least a couple of million jobs that have either been created <em>or would have been lost.<\/em>\u201d (Irritated italics mine.) <\/p>\n<p>Hundreds of economists, three of them Nobel laureates \u2014 James Buchanan, Edward Prescott, and Vernon Smith \u2014 disagreed with Obama\u2019s assessment of the stimulus. They were largely ignored by the media, just as economists who now maintain that the \u201cInflation Reduction Act\u201d will <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/7\/29\/inflation-reduction-act-preliminary-estimates\">do nothing<\/a> for inflation or, more likely, <a href=\"https:\/\/www.heritage.org\/budget-and-spending\/commentary\/so-called-inflation-reduction-act-would-make-stagflation-worse\">worsen the problem<\/a> will be today.<\/p>\n<p>Finding a gaggle of Democrats \u2014 economists, or not \u2014 to tell us we should \u201cinvest\u201d more money into progressive agenda items isn\u2019t difficult. <em>Of course<\/em> former Obama appointee Betsey Stevenson, who <a href=\"https:\/\/www.nytimes.com\/2021\/06\/18\/podcasts\/transcript-ezra-klein-interviews-betsey-stevenson.html\">thinks<\/a> inflation is \u201cbeing used as an excuse to not want to do some of the spending that we need to do,\u201d wants to pass another $760 billion in deficit spending. I mean, does anyone really believe that former Democratic Party officials such as Jack Lew or Robert Rubin sat down and crunched the numbers before signing off on the letter? Is there a single penny of spending by Democrats that Joseph Stiglitz, champion of \u201cprogressive economics,\u201d wouldn\u2019t support? \u00a0One suspects that all these activists would gladly see high inflation if it meant combating the \u201cclimate crisis\u201d or funding dependency programs.<\/p>\n<p>Then there is \u201ctop economist\u201d Mark Zandi of Moody\u2019s Analytics, also a signee. The go-to expert for lazy television producers and journalists, they rely on him to give them the answers they seek. If there\u2019s been a major Democrat spending bill that the economist hasn\u2019t supported, I have yet to uncover it. Because, for Zandi, the prescription is always more cowbell.<\/p>\n<p>As John Tammey pointed out years ago, Zandi <a href=\"https:\/\/www.realclearmarkets.com\/articles\/2011\/06\/16\/mark_zandi_always_quoted_often_wrong_never_in_doubt_99077.html\">believes<\/a> the \u201cdevaluation of the dollar as the path to prosperity.\u201d And his commitment to \u201cmultipliers\u201d \u2014 the notion that every $1 in federal spending magically <a href=\"https:\/\/www.nytimes.com\/2008\/12\/01\/business\/economy\/01stimulus.html\">generates<\/a>\u00a0more than $1.50 of economic growth \u2014 is sacred, no matter how often it fails to materialize. Indeed, Zandi\u2019s litany of <a href=\"https:\/\/ritholtz.com\/2010\/09\/zandi\/\">erroneous<\/a> forecasts, rivaling that of Krugman, go back to the 2007-08 recession and housing crisis.<\/p>\n<p>\u201cI mean, make no mistake, what the government has done will sow the seeds for I think a very, very sharp recovery,\u201d Zandi told CNN in September of 2008. The Obama recovery would end up being the <a href=\"https:\/\/www.forbes.com\/sites\/louiswoodhill\/2012\/08\/01\/obama-wins-the-gold-for-worst-economic-recovery-ever\/?sh=2ab490123ca2\">slowest<\/a> in American history. As late as 2014, Zandi was still <a href=\"https:\/\/www.ajc.com\/news\/opinion\/obamacare-slowing-health-care-costs\/0OSlzqUeIcqqD3TEaZ5exO\/\">claiming<\/a> Obamacare was slowing health care costs, even though individual health care premiums would <a href=\"https:\/\/www.heritage.org\/health-care-reform\/report\/obamacare-has-doubled-the-cost-individual-health-insurance\">double<\/a>.<\/p>\n<p>In a scientific-sounding and polite 2016 paper, \u201cThe Macroeconomic Consequences of Mr. Trump\u2019s Economic Policies,\u201d Zandi <a href=\"https:\/\/www.economy.com\/mark-zandi\/documents\/2016-06-17-Trumps-Economic-Policies.pdf\">predicted<\/a> that the \u201cmost-likely scenario\u201d of a Trump presidency was a \u201clengthy recession,\u201d unemployment, and \u201ca near standstill\u201d in economic growth. When proven wrong on all fronts, Zandi would <a href=\"https:\/\/www.crn.com\/slide-shows\/managed-services\/economist-mark-zandi-on-why-tax-cuts-are-not-a-game-changer-rising-deficits-and-why-he-is-not-a-fan-of-president-trump-s-economic-policies\/1\">claim<\/a> that the economy, fed by \u201cdeficit-financed tax cuts\u201d and \u201cdeficit-financed government spending increases,\u201d was \u201csticking to script.\u201d Had Trump not promised to cut taxes during his 2015 campaign? Didn\u2019t everyone know that the federal budget would grow from 2016 to 2018? Zandi had the \u201cscript,\u201d and he was still way off.<\/p>\n<p>Zandi was also wrong about our recent inflation. It is \u201cirksome,\u201d he now <a href=\"https:\/\/www.inquirer.com\/business\/high-inflation-relief-2022-federal-reserve-20220623.html\">maintains<\/a>, trying to find cover in a crowd, \u201chow wrong the Fed, the Biden administration, and economists, including me, were in thinking that the high inflation would quickly recede. It hasn\u2019t.\u201d And yet, there is always a high degree of certitude in his pronouncements. Zandi felt quite comfortable <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/07\/21\/biden-infrastructure-job-plan-inflation-republicans\/\">telling<\/a> DNC mouthpiece Greg Sargent \u2014 who also claimed that \u201cwarnings of inflation are not good-faith macroeconomic arguments\u201d \u2014 that worries about spiking prices were \u201clikely misplaced\u201d and \u201coverdone.\u201d<\/p>\n<p>Though, like most disciplines, economics has been corroded by partisanship, still, it\u2019s invaluable in helping us understand the production, consumption, and distribution of goods and services.<\/p>\n<p>Though rules exist and debates rage, attempting to predict the future in the face of thousands of unknown and unquantifiable factors, including human nature, is a tough job for anyone.\u00a0Yet a random pizza delivery guy could likely make as good, if not better, economic predictions than Zandi simply by playing 50-50 odds. And if Zandi was wrong about inflation \u2014 and the housing crisis, and the Obama recovery, and the Trump economy, and Biden economy, and God knows what else \u2014 why should we care what he has to say about another massive spending bill? <\/p>\n<p>Maybe someone in a newsroom will ask that question next time they call him for a quote.\u00a0<\/p>\n<hr class=\"wp-block-separator\" \/>\n<div class=\"article-author-description fst-italic\">\n  David Harsanyi is a senior editor at The Federalist. Harsanyi is a nationally syndicated columnist and author of five books\u2014the most recent, <a href=\"https:\/\/www.amazon.com\/Eurotrash-America-Reject-Failed-Continent\/dp\/0063066017\/\">Eurotrash: Why America Must Reject the Failed Ideas of a Dying Continent<\/a>. His work has appeared in National Review, the Wall Street Journal, Washington Post, Reason, New York Post, and numerous other publications. Follow him on Twitter, <a href=\"https:\/\/twitter.com\/davidharsanyi\/\">@davidharsanyi<\/a>.<\/div>\n<div class=\"article-comments mt-30 mt-sm-60\">\n<div class=\"article-comments-container d-flex flex-column align-items-center py-30\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"110\" height=\"106\" src=\"https:\/\/thefederalist.com\/wp-content\/uploads\/2021\/12\/fdrlst-mark.svg\" class=\"img-fluid mb-20\" alt=\"The Federalist logo eagle mark\" \/>    <\/p>\n<p>Unlock commenting by joining the Federalist Community.<\/p>\n<p>    <a href=\"https:\/\/thefederalist.com\/plans\/pricing\/\" class=\"btn btn-on-white\">Subscribe<\/a>  <\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cTop economists say Democrats\u2019 health care and climate package will put \u2018downward pressure on inflation,\u2019\u201d CNN informs us. And really, who are you, a mere mortal, to question the decrees<\/p>\n","protected":false},"author":831,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1588868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1588868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/831"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1588868"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1588868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1588868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1588868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1588868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}