CREATIVE DESTRUCTION

I’ve been thinking about writing a brief essay about the crossing of folk psychological prejudice and surface economic schemas, which is to suggest how people articulate their sense of economic conditions. Were I to do so I would highlight how ideological prejudice often trumps the usually bare schema and how this schema is bare because it barely corresponds to actual macroeconomic dynamics.

But last night I saw a news clip from Friday in which Rep. John Boehner asserts the alternative Republican stimulus plan would have created “7 million jobs at half the cost.” I had to go find it, and I did.

Here’s the summary of its provisions.

Economic Recovery and Middle-Class Tax Relief Act of 2009
Subtitle A—Income Tax Reductions
Sec. 101. 2003 tax reductions made permanent.
Sec. 102. 5 percent reduction in individual income tax rates.
Sec. 103. Repeal of alternative minimum tax on individuals.
Sec. 104. Reduction in corporate marginal income tax rates.
Subtitle B—Reduction of Income Taxes on Capital Assets
Sec. 111. Indexing of certain assets for purposes of determining gain or loss.
Sec. 112. Reduced capital gains rate for corporations.
Subtitle C—Other Provisions Related to Businesses
Sec. 121. Repeal of certain limitations on the expensing of section 179 property.
Sec. 122. Research credit made permanent.
Sec. 123. 7-year carryback of net operating losses.
Subtitle D—Other Provisions Relating to Individuals
Sec. 131. Child tax credit increased and made permanent.
Sec. 132. Distributions not required from individual retirement plans at age 70
1?2.
Sec. 133. No IRA distribution during 2009 included in gross income.
TITLE II—ACROSS-THE-BOARD RESCISSIONS IN NON-DEFENSE
DISCRETIONARY SPENDING FOR FISCAL YEAR 2009
Sec. 201. Across-the-board rescissions in non-defense discretionary spending for
fiscal year 2009.
TITLE III—INCREASED INCENTIVES FOR EDUCATION
Sec. 301. Increased deduction for qualified higher education expenses.
Sec. 302. Increased deduction for interest on student loans.

wtf! This is chock full of corporate and upper class welfare at the same time it seeks to drain the bathtub to fulfill the Norquist dream. More trickle supply downside based in the conceit that the super rich possess the hidden hand that creates demand. Absurd. Now my mind wanders over to reflecting on the idea that in our democracy an ideologically ‘pure’ experiment is tenable. But the point of being an ideologue is the will to power which supports doing the damnable experiment irrespective of its results. Which I suppose would end up, economically, in a principled depression.

“Twice as Many Jobs at Half the Cost” – Mythbusting Republican Spin

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