I have neither the time nor the stamina to continue with the arguments in the comments of my last post. So let me clarify my position in case anyone cares:
1) Right now we are in the midst of the Great Recession, or the Second Great Depression if you prefer, in the same way that Americans in 1936 were still in the Great Depression. Notice how all of the things you guys are using to ridicule Schiff and me, could have likewise been used to ridicule someone in 1936 saying, “The economy is awful, all of these interventions are making it worse, we are still in a depression.”
2) Suppose there were an economy that initially had a GDP of $1 trillion and an unemployment rate of 5%. Then a year later GDP was down to $100 million, and the unemployment rate had shot up to 90%. The following quarter, annualized GDP was $101 million (which consisted of $50 million in private output and $51 million that the government spends on a single laser gun that the Pentagon assures us will fend off [nonexistent] alien invaders), while the unemployment rate had declined to 85%. According to some of you, not only is that economy now out of the recession, but anybody who said, “This economy is awful, we’re still in a recession” deserves to be mocked.
Does that strike anyone else as weird?