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Voodoo Economics

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CALIFORNIA | LOCAL
January 27, 1991
Re your editorial "Supervisors Correct to Sell Seized Land" (Jan. 13): Your editorial, which is generally accurate, contains one significant flaw. You describe the potential purchase of Rancho del Rio by the Harbors, Beaches and Parks Department as "voodoo economics." Specifically, you raise the question: "If the county is trying to make up some of its budgetary shortfall by selling the ranch, why should the county then turn around and buy the land?" You end with the statement: "If the county government wants to replenish its coffers in tight times, it really has no business being in the real estate market itself regarding this bidding for a ranch."
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OPINION
March 24, 2013 | By Brad Schiller
Two years before his death, Hugo Chavez tried to repeal the law of supply and demand, which says that free markets set the price: the higher the demand, the higher the price. Every producer who was willing to sell at that equilibrium price would be able to do so and every consumer willing and able to pay that price could acquire the product. Chavez despised the law because he believed it robbed the poor and unjustly profited producers. In its place, he persuaded the Venezuelan legislature to enact the 2011 Law on Fair Costs and Prices, a price-setting mechanism to ensure greater social justice.
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CALIFORNIA | LOCAL
January 13, 1988
Seven years ago President Reagan entered the White House having earlier been accused by the man who became his vice president of advocating "voodoo economics." George Bush has long since recanted his accusation. Reagan, alas, seems incapable of abandoning his advocacy.
OPINION
September 20, 2008
Re "Foreseeable devastation," Opinion, Sept. 13 Amy Wilentz rightfully does not differentiate between democracies and dictatorships when she writes of the helplessness of the Haitian people under both systems in the face of ravaging storms. She is also correct that Haiti's economy is similar to Ronald Reagan's privatized fantasy. Voodoo economics existed in Haiti long before Reagan. The rich are content to throw a morsel to their servants every once in awhile and feel superior to the vast majority of the people -- who are the first to suffer from any calamity befalling the country.
CALIFORNIA | LOCAL
October 10, 2000
Re "It's Not a Good Idea to Pay Off the Federal Debt," Commentary, Oct. 6: Benjamin Zycher is correct when he says that the national debt should be used for federal investments, but after that he completely falls apart. He implies that those federal investments should never be paid off by reducing the debt. If it is not paid down, then where will the money be to create further federal investments? And doesn't it seem logical that at some time the investments should be paid for? Also, he is wrong about the cause of our huge debt.
NEWS
August 23, 1988 | Associated Press
Democrat Michael S. Dukakis today ridiculed George Bush's plan for a flexible freeze to cut the federal deficit as "the son of voodoo economics." Dukakis, addressing a group of newspaper editors, said, "There is no Republican plan" to balance the budget. "The vice president is talking about a flexible freeze. That's like a melting ice cube. . . .
CALIFORNIA | LOCAL
October 26, 1987 | BARBARA R. BERGMANN, Barbara R. Bergmann, a professor of economics at the University of Maryland, is the author of "The Economic Emergence of Women."
George Bush has just come out for a rewarmed version of voodoo economics, which deserves to be called clown economics. The Vice President has proposed that we cut the heart out of one of the Reagan Administration's proudest and best achievements--the monumental tax reform that was passed with so much effort just last year. The reform eliminated the tax breaks and loopholes that previously had allowed the well-off to escape a fair share of taxes.
NEWS
February 10, 1989 | SARA FRITZ and WILLIAM J. EATON, Times Staff Writers
Pledges of bipartisanship began to crumble only minutes after President Bush's speech to Congress Thursday night when Democratic leaders flatly rejected cuts in Medicare payments or capital gains taxes and accused Bush of reviving "voodoo economics." Although House Speaker Jim Wright (D-Tex.
MAGAZINE
December 1, 1991 | Harry Shearer
So they give Nobel Prizes for economics, do they? It never seems sillier to regard economics as a science than when this country goes into an economic tailspin. The conflicting evidence, guesswork and political calculation that form the basis for declaring when recessions begin and end make economics look as if it belongs in the same university building that houses the palmistry department.
OPINION
August 28, 1988
Reagan's tragic legacy: Through his voodoo economics he has converted us to a debtor nation. In effect he has endowed foreign creditors, principally and ironically the Japanese and West Germans, with a substantial share in the control of our destiny. FRANK A. ZIMANSKI Coronado
OPINION
May 14, 2006 | JONATHAN CHAIT
IF YOU REMEMBER the 2000 election, you probably remember President Bush's warning about why we needed to cut taxes: If we did not return the surplus to the taxpayers, Washington would spend it. Well, we all know what happened next. Bush returned the surplus to taxpayers -- and Washington spent the money anyway. Conservatives have a number of analogies to explain why tax cuts will lead to spending restraint: Cut your child's allowance. Starve the beast. But the analogies are all wrong.
OPINION
May 12, 2003
President Bush wants us to speak up about tax cuts, so here goes: Of course I want to pay less tax. In fact, it'd be even more fun if the IRS sent me money each year. However, I have some sense of social and financial responsibility. After all, a full 10% of this year's federal tax dollars goes to pay interest for money we've already spent. It's not just "our money," it's also "our debt," and it's time we own up to the debts we already have, instead of recklessly amassing new ones.
OPINION
March 9, 2003
Re "How to Develop O.C. Land," (Editorial, Feb. 16): We must all take a serious look at what little land we have left and make sure the right choices are made so we have something special left to pass on to our children and future generations. Little land is left in Orange County. Over the last 20 years, we have gone from pristine natural open spaces to massive new communities such as Rancho Santa Margarita and Ladera Ranch. We are left with one last special piece of land, the Rancho Mission Viejo, which is being eyed by developers for 14,000 more houses and all the traffic congestion, pollution and noise that comes with them.
OPINION
March 4, 2001
Re President Bush's budget speech: I cringe every time I hear President Bush warn that unless a big chunk of the surplus is returned to the people Congress will spend it. What is wrong with government spending on worthwhile projects such as fixing our rotting bridges, modernizing the air traffic control system and making other needed infrastructure improvements? Government spending will stimulate the economy as much as a tax cut, because the money allocated to government programs is pumped right back into the economy.
CALIFORNIA | LOCAL
October 10, 2000
Re "It's Not a Good Idea to Pay Off the Federal Debt," Commentary, Oct. 6: Benjamin Zycher is correct when he says that the national debt should be used for federal investments, but after that he completely falls apart. He implies that those federal investments should never be paid off by reducing the debt. If it is not paid down, then where will the money be to create further federal investments? And doesn't it seem logical that at some time the investments should be paid for? Also, he is wrong about the cause of our huge debt.
CALIFORNIA | LOCAL
August 15, 1988
I'm a lifelong liberal Democrat--well, from age 9 to crowding 90--but the silly proposal by Senate Democrats to assuage vice presidential candidate Sen. Lloyd Bentsen's (D-Texas) feelings by giving aid to the Nicaraguan Contras strongly tempts me to withhold humanitarian aid from Democrats in the coming election (Part I, Aug. 4). It's as if the Republicans in Congress in 1980 had proposed, in deference to George Bush's feelings, to suspend on alternate Tuesdays Ronald Reagan's "voodoo economics."
OPINION
May 12, 2003
President Bush wants us to speak up about tax cuts, so here goes: Of course I want to pay less tax. In fact, it'd be even more fun if the IRS sent me money each year. However, I have some sense of social and financial responsibility. After all, a full 10% of this year's federal tax dollars goes to pay interest for money we've already spent. It's not just "our money," it's also "our debt," and it's time we own up to the debts we already have, instead of recklessly amassing new ones.
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