Glenn Hubbard, Serious Economist or A Pathetic and Depraved Mind Whore for the Right?
Recently Glenn Hubbard, Chairman of the Council of Economic Advisors, claimed that deficits do not cause an increase in interest rates and thereby decrease borrowing and harm the economy, dismissing such very legitimate fears a "Rubinomics" (which seems kind of foolish to me, because as Secretary of the Treasury, Rubin is given credit for the longest peace time expansion of the economy in history) . By arguing the deficits don't matter, Hubbard is trying to convince the American people that they have nothing to fear about the deficit-swelling sop to the wealthy that Bush calls a stimulus package. However, it seems that only recently Hubbard has adopted this ridiculous posistion. In an economics textbook Hubbard wrote for undergraduate economics students warns that deficit spending does higher interest rates.

Ah yes, but this completely ignores the law of supply and demand. Mainly that Bush demands Hubbard to supply him with tortured economic justifications for bad policies.




Burhmmmmm!