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Monday, December 14, 2009

The Irony In The Obit

Paul Samuelson died. He received an interesting obituary in today's printed Star & Tribune.

Samuelson is a famous economist and economics textbook author. Most college grads of the last three decades probably used his texts.

The Star obit calls Samuelson a Keynesian and a liberal. Make a note of that.

Economics is not my specialty but I know that John Maynard Keynes was pretty much the polar opposite of Milton Friedman whose supply side, small government, less regulation was favored by Ronald Reagan. Keynes on the other hand favored big government and government spending to spur the economy. Obama, through his adviser Larry Summers, favors big spending.

Throughout his lifetime, Friedman pretty much made chopped liver of Keynesian theory. Nonetheless, Democrats and liberals embraced Keynes and have always used his theories as an excuse for wild-eyed, uncontrolled spend, spend spend and on top of that, spend some more.

Back to Paul Samuelson and the Star-Trib. Near the end of the obit, the writer points out that Samuelson was an adviser to President Kennedy. He advised tax cuts (yes, tax cuts) to spur the economy. This was done by Congress. Thus, the writer credits Samuelson with the boom of the 1960s.

Dear reader, do you detect the irony. A liberal newspaper inadvertently giving credence to tax cuts to spur the economy, even as it tries to bolster Obama and his tax and spend, tax and super-debt philosophy.

The Star-Trib normally blasts Reagonomics and tax cuts. So does the liberal elite throughout the land. I looked for the Samuelson obit online a little while ago. Strangely it was not there. I think I'll take the printed version and preserve it in an archival quality notebook sleeve.

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