As anyone who's ever owned a car can understand, money serves the same function in the economy as oil does in the engine of your car. We all know what happens when you let the car run out of oil (there's a very good reason why they call that
As anyone who's ever owned a car can understand, money serves the same function in the economy as oil does in the engine of your car. We all know what happens when you let the car run out of oil (there's a very good reason why they call that dashboard warning signal an "idiot light"). You know you can add a tiny bit of oil and get the engine working again, but you're a damned fool if you don't put in the full amount ASAP.
Those of us who know basic car maintenance can be, yes, a little bit annoyed with people who don't understand how to take care of their own vehicle.
Oil does a lot of good things. It creates seals around engine parts, making your car more fuel efficient and powerful. It seals out air and prevents rust, and it also carries heat away from the engine. Anyone who doesn't change the oil regularly and keep the proper level of oil is asking for a blown engine.
And that's what Paul Krugman's been talking about for four years now. The Bush administration, followed by the Obama administration, didn't use enough stimulus oil and the engine of the economy has slowed to a crawl. (Hey pal, don't you see that flashing red IDIOT LIGHT?)
Just so we're clear: When your engine isn't running properly, the solution isn't to drain the rest of the oil. Which is what the Republicans have done.
For those four years, I've watched Krugman try to explain things reasonably, trying not to offend people. He had the liberal's fatal flaw: "This is just a matter of giving people the right information and obviously, then they'll want to do the right thing." I'd sit and watch, thinking, "When is he going to realize they're trying to destroy the government and he has to stop giving them the benefit of the doubt?"
On Sunday's "This Week," Carly Fiorina feebly trotted out an old GOP canard: that the "highest corporate tax rate in the world" is to blame for our stubbornly-high unemployment. In fact, the effective tax US corporations pay is much lower than most Read more...