Budget Supercommittee Fails.

[EnglishEdward]

It is still a recession in both the USA and the UK.

The fact that quantitative easing of fiat currency by the central banks has increased bank and other large corporate profits is merely an aspect of false accounting that the economists have not caught up with. Most are still reluctant to admit that much of the supposed wealth in boom times was often just smoke and mirrors.

And by the way, the meanings of words are defined by how the majority of the people use them, and not by textbooks.

 

[Mise]

And by the way, the meanings of words are defined by how the majority of the people use them, and not by textbooks.

Yes, this is generally what people say when they use words incorrectly.

 

[JollyRoger]

I love the fact that Patroklos goes straight to the source to back up his (her?) points, and everyone else cites the opinions of Democratic legislators to back up theirs. Conservatives are called "the right" for a reason

I cited bullet points from the Toomey plan itself.

 

[EnglishEdward]

Yes, this is generally what people say when they use words incorrectly.

Well now the way, I see it, is that the purpose of language is to communicate.

If the majority of people understand that a word means something, then it is correct to use that particular word when communicating about that something, and it is for the text books or wikipedia to catch up.

I don't recognise the right of economists to own the language.

And the whole bias of economists, certainly since Keynes and Galbraith were replaced by the Friedmanites has been to serve the interests of money.

I have watched too many economists and such like give themselves away on the television (when I used to watch it) and say things like the rise in unemployment is good news because it means that the central banks won't raise interest rates to stave off inflation, and so share prices will rise; thereby demonstrating that the good news for share owners counts more than the bad news for the unemployed.

Letting the specialists with vested interests own the terms of debate is a loser.

 

[Mise]

And what does the word "recession" communicate if you're allowed to define it however the hell you want? When the word "recession" has a clear meaning, with a defined start and end point based on measurable quantities, the word communicates something very clear, specific, and meaningful. When you basically invent your own meaning, drawing upon it to describe your own personal dissatisfaction towards the current state of the economy, you rob the word of all meaning. You turn it into a subjective, worthless buzzword that communicates nothing about the economy, but merely your own personal emotional state.

I'm sorry if you are unhappy with the current economic situation. I am too. But that doesn't justify twisting technical terms to fit your political goals. G-Max used the word "recession" because he's a Republican and he didn't want taxes to rise. You, presumably, want to use the word "recession" in order to increase spending. But the argument for raising taxes or further fiscal stimulus doesn't depend on whether we are in a recession or not. The argument depends on the cost and benefits of doing those things. It's obvious to me that the US and EU need short-term fiscal stimulus to avoid stagnant growth in 2012. It's obvious to me, too, that taxes need to rise in the future, but not immediately. Those things don't require you to twist the definition of "recession" to suit your political goals. They merely require you to use the objective facts and figures at your disposal, and argue from those facts instead of whatever emotion you are currently feeling about the economy.

 

[Lone Wolf]

And this messed-up country dares to teach Russians how to live

 

[EnglishEdward]

And what does the word "recession" communicate if you're allowed to define it however the hell you want?

I never typed that I owned the word "recession".

And your so called deductions about my emotional state,
they are not worthy of comment.

 

[Archbob]

Unlike here where where my generation (Generation Y) are actually delaying adulthood because of this economic mess. Though I'd like to know hoe the French and Germans are able to find jobs dispite a high unemployment.

People in the US have found jobs also, many of my friends have found good jobs in the last 2 years. Just because you haven't been able to find one, doesn't mean that no one can find a job. Recession is related to GDP growth and by that definition, we've been out of it for a while. Its been a jobless recovery, but a recovery.

 

[Marla_Singer]

I don't call a 1% growth a "recovery", especially when it's largely based on a gigantic public deficit of 11.5%.

I call that avoiding recession at all costs... and fighting debt in growing more debt.

 

[Archbob]

Anyways, since this supercommittee failed -- can I just step in and become dictator for a while?

 

[Ajidica]

Sure. I trust you more then congress despite our political and economic disagreements.
Just please, don't cross the Rubicon.

 

[Defiant47]

Tip for those lacking in economic education:

Recession means a downturn. Once the economy starts growing again, this is no longer a recession. Basically, if you're climbing out of the hole, you are not in a "recession" anymore, by the definition of the term, even if you may still be in the hole.