Jared Bernstein horsemanure

Fifth, as noted above, Keynes was right! There should be no question in anyone’s mind that the fiscal and monetary actions taken to ameliorate the downturn and hasten the recovery have been effective.

Jared on the jobs report.

First, the U rate is 16%, he forget to include the BLS miss classification report.  Second, if Keynes was right then why are Blacks involved in the 35 year cycle of rebellion? Second, if Keynes was right then why did California lag the last recovery by four years?

As far as being contested, we went from absolute uncertainty over covid to quite a bit more certainty of covid. And it was the demand to reopen the economy, not the government bailout that is driving this.

Here we have another act of prior confirmation. Jared is not deviating from flat earth, which is why he is jobless. He got his seigniorage tax, hitting on the middle class and he needs to justify that.

Priors in, priors out which is why we generally ignore him. We eill be hearing the same crap from Delong.  Krugman is getting a bit more circumspect.  When will get get smarter economists posting stuff, why is it always the laggards?

I refer Jared to the last post from the teachers union:

"Those who cannot remember the past are condemned to repeat it." – George Santayana

And Jared has little knowledge of American governments and will never contribute to the sciernce of economics.  And Jared is in denial about the concentration of wealth that occurs with government bailouts as the banking sector rolls up.  Nor does he have a clue about value added chains.  He is the very example of badly educated economists.

If Keynes was right then we would not be having regularly scheduled recessions.  One needs a better education to figure this out.

 Jared Bernstein, fired, no good.