" Rather than a democratically driven deficit bias we seem to be infected with a democratically driven surplus bias. "
This is the angel of mediocre progress SWL
"The standard view among economists before the financial crisis was that economies were prone to deficit bias: a tendency for government budget deficits and debt (as a share of GDP) to slowly increase."
" view " or well recognized bogus verity
Errr behind the veil of public omertà
" Although there are a number of theories about why deficit bias occurs, "
Occurs or posited comrade ?
" several involve voters being at best unconcerned about it, and at worst conniving in it. "
Where and when ?
"Such theories are miles away
from an electorate giving strong support to a government
campaigning on reducing the deficit."
We have arrived at the starting line at last
What follows is a brief narration of debt horror stories post crisis 08
But light dawns
The phobic response
voting majority masses has a "sell by date "
Once households aren't feeling their asses pinched ...
The return of the deficit bias ....
There's this also
Warning fuss budgeting as leaning against the bias
Gets labeled austerity
.as part of the on going crypto pro deficit bias campaign ?
" austerity keeps interest rates low. So not only does austerity hit wages and profits, but it also hits
those who rely on interest income to supplement their pension, a group who in case you need reminding have a high propensity to vote."
" Although asset values have gone up as well, many in this group will be reluctant or unable to turn this into income." !!!
Now SWL throws the baby out
" As to the political economy question"
" i think pro deficit bias ( among the masses - op- )
" would be a genuine puzzle if austerity was a long term
But it's not
Where as anti deficit bias among elites
Is a long term ....shell game
To hoodwink the asshole innocent votin majority
Yup debt crises come and go
Speaking of tighter uncle belting
" But as deficit bias is not ( long term among the proto jaquerie - op)
we need to bring in (hopefully) short term failures of knowledge and information. "
What follows or precedes
Here's the punch out passage
" I (SWL PhD )
have not noticed campaigns to ‘save our savers’ also arguing for less austerity,
and I suspect the reason is because they just do not see the connection.
Who makes that connection for them? ..........
the media just does not do this kind of thing.
banks should, but for their own reasons rarely do."
But who can argue too much with Simon on this:
" People may not act in their own self-interest if they do not know what is in their own interest, and in the short term at least this knowledge may not be made available to them."