Monday, January 19, 2015

John "Trillion Dollar Loss" Hinderaker Begins The Year Stupidly

Ol' Trillion Dollar Loss is back, ladies and gentlemen.  And, once again, he's proven that despite having a pretty impressive resume, he really don't know much about what's happening in the economy.

In writing about the Obama proposal for a tax increase, we have this gem:

Economic growth is what really matters; everything else is mostly distraction. And if there is one thing we know for sure, it is that the Democrats’ recipe of ever-higher taxes, cronyism, stifling regulations, New Class hostility to actual wealth creation (as opposed to, say, app development), and concentration of unprecedented power in government is poison to economic growth.

I have an idea.  Let's go over the St. Louis Federal Reserve's FRED data base and look at GDP growth since 2001:

No growth there.  Nope.  None at all.  And let's not forget that the Clinton economy was absolutely terrible.  Just terrible .... NOT.

This is not to say growth has been great.  But also remember that we're recovering from a debt-deflation recovery, which by definition leads to slower economic growth.

It looks like the boys at Powerline are beginning the year by continuing their now long-standing tradition of being 100% wrong about everything economic.  For a recap of the depth of their incompetence, read here.