“And here we reach the limits of my mental horizons as a neoliberal, as a technocrat, and as a mainstream neoclassical economist. Right now, the global economy is suffering a grand mal seizure of slack demand and high unemployment. We know the cures. Yet we seem determined to inflict further suffering on the patient.”
Political ideology trumps technocratic know-how. In other words, non-professionals think they know more than the pros. And we know where that leads.
Family budgets aren’t economies. The government is not our parent nor does it fund the workings of the economy. Yet we keep repeating that damn fool “tighten our belts” meme. The price of ignorance, sophomoric ignorance at that is high.