Tuesday, July 29, 2003
George Akerlof on Bush
George Akerlof is one of my favourite economists. I have used a lot of his ideas while framing my research questions. Akerlof also happens to have endorsed the RISC model as being workable. In this interview with Der Spiegel, Akerlof warns of the disastrous consequences of the Bush administration's fiscal policies.
Future generations and even people in ten years are going to face massive public deficits and huge government debt. Then we have a choice. We can be like a very poor country with problems of threatening bankruptcy. Or we're going to have to cut back seriously on Medicare and Social Security. So the money that is going overwhelmingly to the wealthy is going to be paid by cutting services for the elderly. And people depend on those.
Little wonder then that Akerlof calls this the 'worst administration in 200 years'. He also mentions his wife, Janet Yellen, who was on the Clinton economic team. Yellen has in the past criticised the Bush administration's policies as well.
Thanks, Petra, for sending the Spiegel story along.
Future generations and even people in ten years are going to face massive public deficits and huge government debt. Then we have a choice. We can be like a very poor country with problems of threatening bankruptcy. Or we're going to have to cut back seriously on Medicare and Social Security. So the money that is going overwhelmingly to the wealthy is going to be paid by cutting services for the elderly. And people depend on those.
Little wonder then that Akerlof calls this the 'worst administration in 200 years'. He also mentions his wife, Janet Yellen, who was on the Clinton economic team. Yellen has in the past criticised the Bush administration's policies as well.
Thanks, Petra, for sending the Spiegel story along.
