Oscar Says: Econ 101 For Congress, Pronto

editors note: Oscar the Observer is astounded at the great void of economic knowledge that fills the halls of Congress.  Considering the state the budget’s in, how can anyone dispute Oscar’s Observation?

I majored in Economics in college.  Didn’t learn much, but I did learn some key things.  (Even passed my Economics Concentration exam With Distinction —– boy, I wonder which relative of mine marked my exam paper!)

I listen to these Representatives, Senators and Wannabe’s (like Newt Gingrich, Sarah Palin, etc.) pontificate about cutting the budget, getting the deficits under control NOW, using the rubric that we are mortgaging the future of our children  —– all of this during a near-depression, and certainly a devastating, crippling recession fueled by massive unemployment.  Have any of these people ever taken any meaningful courses in Economics?  Do they know anything about Keynes, Galbraith, Samuelson?  Have they ever heard of the concept and effect of the circular flow of money?  Do they know that historically the building cycle was independent of the general economic cycles?

I suggest that anyone speaking about the economy, opposed to government expenditures as unavailing to stimulate the economy and affect employment, and those in support of such expenditures to pull out of a recession and increase employment, must present his/her educational credentials as to whether or not, and where, they were educated in Economics, for how many courses, AND WHAT MARKS THEY GOT.  They should all sign waivers, permitting accredited news services, to receive and publish copies of their transcripts, to verify these facts, and to determine what bona fides they have concerning American history and the Depression of the 30’s.

They won’t, of course, but President Obama and others supporting deficit spending programs that they profess will combat the recession and effectively increase employment, should challenge these “mouths” who mainly scare themselves by claiming our children will be “mortgaged” and say “What education do you have in Economic theory?  You don’t know enough about Economics to be espousing cuts that will reverse the spending programs designed to pull us out of this recession and stimulate employment.  Do you have any appreciation that a healthy economy and full employment will provide the tax revenue necessary to pay down accumulated debt?  Oh, you say you only want to have tax reductions in healthy economy periods?   Were you one of the Congressmen who supported the Iraq and Afghanistan wars without being willing to adopt programs to fund them?  What economic benefit have you conceived that results from the financial support the USA oil industry receives from the U.S. government?  When you wake up, will you know you don’t know what you’re talking about?  No?  You might as well go back to sleep.”