Our Ruling Class

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Matt Yglesias on the conservative love affair with Ireland during the Bush era:

I wouldn’t try to blame their property crash on low tax rates. But by the same token a frightening number of pundits went “all-in” on the idea that Ireland’s conserva-friendly tax policies were behind a boom that was in fact driven by a real estate bubble. There needs to be some accountability for this, because it appears to quite genuinely be the case that relaxed financial regulation is a can’t-lose strategy for (temporarily) attracting financial inflows, sparking an asset price bubble, and boosting growth. But that doesn’t mean countries should do it. And we need a system of international praise and esteem that’s not so blind to these issues.

Italics mine. Good luck with this. I’ve never spent too much of my energy on the Dean Baker-ish crusade about how we keep listening to all the people who got everything wrong during the aughts, but that’s mostly just a matter of writing temperament, not because I disagree with him. But it’s getting harder and harder not to jump on the bandwagon. I mean, we’ve now got mainstream Republicans suggesting we should (kinda sorta) go back on the gold standard, we’ve got conservative economists who believe we should raise interest rates because inflation is our biggest worry right now, and we’ve got a victorious GOP that thinks spending cuts and deregulation are the key to prosperity — all aided and abetted by an economically illiterate pundit class seemingly convinced that accounting identities are just guidelines and the federal government should be run the same way you and I run our family budgets.

I mean, it’s almost as if the entire scientific community agreed about the fundamental chemical and thermodynamic reality of GHG-induced global warming but instead we listened to a bunch of cranks who — oh wait. We are listening to them, aren’t we?

Never mind. I’ll just retreat back into my cave now. Somebody send up a flare when it’s safe to come back out.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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