Stephen Moore, reacting perhaps just a bit hostilely to Jay Carney’s… look, I’ll get into it after the quote:
Economic bimboism is rampant in Washington.
And Carney’s one of the bimbos, apparently. What seems to have set this off was Carney’s rather snotty response to Moore’s colleague Laura Meckler; Meckler had asked the very reasonable question about how subsidizing people to not work actually creates jobs. The problem is that it’s only a reasonable question if you’re not personally and politically invested in Keynesian economic theory… which Carney proceeded to demonstrate by rudely suggesting that Meckler’s question called her right to work at the WSJ in question. He then duckspoke the standard Keynesian line that subsidizing the unemployed gives them money to spread through the system, thus indirectly creating jobs. That this rosy model assumes that government acts as a perfect fiscal superconductor* is lost on Carney, but not on Stephen Moore** – who proceeds to go off on Carney, then macroeconomics in general.
Continue reading #rsrh QotD, And From The Wall Street Journal, No Less edition.