Posted on 11/10/2011 6:55:53 AM PST by SeekAndFind
Every 2012 contender attended college. They all graduated. They went to schools like the University of Pennsylvania, Columbia, Texas A&M, Morehouse, Penn State and Emory.
But decades have passed since these Presidential candidates first stepped onto campus as freshmen. Is it time for an Econ 101 refresher course?
America's Econ 101 professors say yes. In their view, the candidates continue to offer ideas and policies that wouldn't pass muster in their classes -- populated by 18 year-old college students.
"There are so many economic 'misstatements' being made," said Jonathan Lanning, a professor at Bryn Mawr who is teaching two introductory economics classes this semester. "And it isn't confined to any one candidate."
Michele Bachmann promised to bring back $2 gas. Tim Pawlenty suggested sustained 5% GDP growth was a realistic target. Rick Perry would balance the budget with lower tax revenues.
No dice, say the professors.
Stephen Golub, who is teaching Econ 101 at Swarthmore College this semester, said some of the ideas floated by Presidential candidates would earn a failing grade in his class.
"I think it's grossly irresponsible what they are saying," Golub said. "It's not about economics. It's about getting elected. They are promising things that are impossible to deliver or make little sense."
The rhetoric sounds good on the campaign trail. Not in the classroom.
The simple laws of supply and demand render Bachmann's $2 gas promise void, said Erik Nelson, an Econ 101 professor at Bowdoin College.
Rick Perry labeling Federal Reserve Chairman Ben Bernanke as treasonous? "Really over the top," said Golub.
Another professor who teaches at the University of North Carolina at Chapel Hill, Michael Salemi, was able to identify statements from six candidates that "would earn failing grades in my Econ 101 class."
(Excerpt) Read more at money.cnn.com ...
NC Chapel Hill's Prof. Salemi called Ron Paul's rationale for returning to the gold standard "one of the most dangerous ideas put forward by a politician in recent years."
And of course, there's the idea of waging a trade war with China that was bandied about by Rick Santorum and Mitt Romney at a recent debate?
"If we learned anything from the Great Depression it was that starting a trade war by passing new tariffs leads to reprisals," Salemi said. "In the end there are no winners, only losers."
NOTE: The article does NOT critique the 9-9-9 plan or other FLAT TAX proposals.
A hit piece by babyboomer run CNN to make conservatives look stupid.
More Marxist propaganda from CNN !
Hello Teach... Maybe you’d like to elaborate a little for us in what way these Professors are wrong....
All the flaws by the Republicans COMBINED do not.come.close to matching Hussein’s fundamental retardation in all matters involving money matters. Hussein HATES capitalism. HATES IT.
These leftist indoctrinators think you can spend your way out of bankruptcy yet have the nerve to criticize others.
What could be more persuasive than a college professor quoted by CNN?
...and while we’re at it, how about the daily effing failures of fake journalists EVERYWHERE on economics. I don’t care if you’re talking White House press corpse, or news rag scribblers or local tv “news” readers.
All of them demonstrate either NO understanding of economic fundamentals or such flawed allegiance to the notion that GOVERNMENT is charged with solving all ills, that one wonders if they really have a functioning brain at all.
“Hello Teach... Maybe you’d like to elaborate a little for us in what way these Professors are wrong....”
“The simple laws of supply and demand render Bachmann’s $2 gas promise void, said Erik Nelson, an Econ 101 professor at Bowdoin College.”
Really? Increase the supply by increased drilling and exploration, reduce demand through the use of natural gas in autos and it is quite possible to drop the price to $2.
Dr. Phillip Barbay: ...now, not withstanding Mr. Mellon’s input. The next question for us is where to build our factory?
Thornton Melon: how ‘bout fantasyland?
Thornton Melon: Oh, you left out a bunch of stuff.
Dr. Phillip Barbay: Oh really? Like what for instance?
Thornton Melon: First of all you’re going to have to grease the local politicians for the sudden zoning problems that always come up. Then there’s the kickbacks to the carpenters, and if you plan on using any cement in this building I’m sure the teamsters would like to have a little chat with ya, and that’ll cost ya. Oh and don’t forget a little something for the building inspectors. Then there’s long term costs such as waste disposal. I don’t know if you’re familiar with who runs that business but I assure you it’s not the boyscouts.
Dr. Phillip Barbay: That will be quite enough, Mr. Melon! Maybe bribes, kickbacks and Mafia payoffs are how YOU do business! But they are NOT part of the legitimate business world! And they are certainly not part of anything I am doing in this class. Do I make myself clear, Mr. Melon!
It has nothing to do with economics; it has to do with politics... look at the gas example.
Of course because in the real world ideas have to actually work rather then in the class room where any nonsense that sounds good is taken seriously.
For example Marxism is though wonderful by some Economic professors. It is the best example of a class room theory that completely fails every time it is tired in the real world.
For example, tax on gas and oil account for more then $1.00 of the per gallon price. Eliminate the tax and you can quit quickly get the price under $2.00. However THIS guy want to claim his “economics” degree allows him to credibly opinion it is not possible.
Yeah it is, and an intellectually honest Prof would not be making as many ignorant silly statements as this one does.
The problem with this article is it does not GIVE US THE REASONS as to why the Professor makes his statement. It just presents his blanket statement without telling us why he believes it is so...
No recognition of spending cuts?
Economics lessons from liberal journalists?
Thanks but no.
I’m looking for the articles written and statements made by these ‘professors’ when Obama was pushing health care and stimulus. If anyone else has found them, let me know.
9-9-9 for example, is designed to reach a solution rather then get votes. If it were designed to just get votes, there would be no sales tax. Instead Cain would simply continue what the professional politicians are doing and promise his plan would allow them to have all the Government spending they want and they would not ever pay for it.
In other words if all they wanted to do is "get votes", the GOP Candidates would all adopt the Democrats tax plan. Give citizen A-B-C and D stuff from the Goverment make citizen E-F and G pay for it.
“They are promising things that are impossible to deliver or make little sense.”
Unlike a few short years ago...
The planet will begin to heal.
I will lower the seas.
The world will love us again.
You gotta spread the wealth around.
You can’t heat your house to 72.
You can’t drive your SUV.
Hope! Change!
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