The Planet's Worst Econ Pundit Strikes Again

Yep, it's our old friend, Jim "Poor minorities caused the recession" Pethokoukis with the mental masturbation exercise of "Would the economy be better now if there was no stimulus?" (and for Commentary Magazine, which makes it triply repugnant.)

The what-if debate is not merely an intellectual exercise. It will have some effect on American policy going forward. The American Recovery and Reinvestment Act was Barack Obama’s signature achievement in dealing with the most worrisome set of economic conditions since the Great Depression. It was how Obama, to use a pair of his now seemingly abandoned metaphors, sought to drag the economy out of the ditch while the Republicans were standing around sipping Slurpees.

As Obama said on the first anniversary of signing the bill, “It is largely thanks to the Recovery Act that a second Depression is no longer a possibility.” Economic analysis from the White House credits the Recovery Act with having saved or created between 2.4 million and 3.6 million jobs by the end of March, 2011.

In short: without Obamanomics, it would have been worse. Much worse. You’re welcome, America. Four more years, please.

But Republicans have a competing argument. Instead of saving us from a Greater Depression, the Obama stimulus (together with his health-care plan and financial reforms) was a two-year waste of precious time and money that may actually have impeded economic growth. The evidence for their proposition comes in part from the White House itself; its own economists predicted the stimulus would prevent the unemployment rate from hitting 8 percent. But the rate actually rose as high as 10.1 percent, has settled in above 9 percent now, and even Obama’s own team currently hopes for a rate of, at best, 8.25 percent by the end of 2012—if nothing else goes wrong.

Really, Jim?  That's like saying "Since the hurricane was Category 5 instead of Category 3, let's get rid of the National Weather Service."

Oh wait.  That's their exact argument on the National Weather Service, it turns out.  Hmm.  "They miscalculated, and as such the entire credibility is now shot, and that means my plan would have worked."  So, yes.  Much like Hurricane Irene, they got the path right, but not the power level, therefore they shouldn't have even tried to do anything to save jobs.

He then goes on to say that McCain's plan would have been all tax cuts, and Krugman's plan would have needed FIVE TRILLION DOLLARS!!!1!one! to work, so doing nothing is clearly the best choice.  He cites his work of BECAUSE and wastes about 1200 words on it.  Awesome.

Jesus wept. these people are idiots. Jim Cramer is an idiot, Megan McArdle is lazy, Larry Kudlow is a mendacious twit, but Pethokoukis is just the econ pundit equivalent of Space Herpes, with his terrible ideas on Medicare, on corporate tax cuts, on Glass-Steagall, on the balanced budget amendment, and of course, his famous "N*gga Stole My Economy" theory.

So no, I'm not going to believe his "What If?" crap for a second.