Macroeconomic theory on the plains from these politicos looking for somebody (preferably brown) to blame for their economic woes. One of our favorite KC bloggers makes fun of the hot potato tactics: Must Read - Is KS in debt because of an international recession? #ksleg
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For once, I agree with Aimee (btw- seriously, what kind of parents spell Amy that way?). Kansas has very little industry that is dependent, directly or indirectly, on exports with struggling foreign markets. Kansas is in their current position because of the tax cuts that Brownback thought would encourage growth through lowered tax burden. Who knows, it might have worked if the state had chosen to do it gradually and gauge future cuts based upon the efficacy of the last round. There are economic theories and models that support the potential. Instead, Kansas chose to do it all at once and starved themselves of the ability to do all the others things that are also required for business growth (good education, solid infrastructure, etc.).
ReplyDeleteFirst, thanks for agreeing with me. This mess has everything to do with Brownback. Second, I'll let my parents know you hate the way they spelled my name. I'll get back to you with their response.
ReplyDeleteYOUR ATTENTION PLEASE!!
ReplyDeleteLadies and gentlemen....and other creatures present.....once beyond the price of shoes and mojitos, Aimee Patton knows SQUAT about economics!!
I know Senator Wagle...Senator Wagle is a friend of mine....and you Aimee Patton are no Susan Wagle. Take that, you History major!!
Allow me to present to you the opening summary from the October 2015 International Monetary Fund World Economic Outlook:
"Six years after the world economy emerged from its broadest and deepest postwar recession, a return to robust and synchronized global expansion remains elusive. The revised forecasts in this latest World Economic Outlook report underscore the challenges all countries face. Despite considerable differences in country-specific outlooks, the new forecasts mark down expected near-term growth rates marginally, but nearly across the board. Moreover, downside risks to the world economy appear more pronounced than they did just a few months ago."
Knock yourself out with the full 231-page report here: http://www.imf.org/external/pubs/ft/weo/2015/02/pdf/text.pdf
Ms. Patton, as one of your rare astute readers highlighted in previous comments, using oil as a commodity benchmark (the world economy runs on oil), you should know that after trading in a range near $100/barrel for several years, light sweet crude oil (the good stuff) began a precipitous drop in July 2014 which has now brought it down to approximately $30/barrel. Holy Hydrocarbons Aimee!! Perhaps you've noticed that gasoline prices, in turn, have finally returned to where they sat when President Obama first took office? Don't worry that pretty little head, I'm sure he'll try to take credit for it in tonight's State of our disUnion address.
I can't help but notice that you feature Kansas wheat on your blog home page. Nice touch, but......since Kansas is an agricultural state, again if we look at something called CRBQ (CRB Global Commodity Equity Index) we see the price has been halved over the last approximately 4 1/2 years. OUCH!! That "chaffs" my buns! Get it? Wheat chaff!!
Ok, let's not get too corny! We'll stick a few more kernels of wisdom in the cornucopia which is REALITY. So, Aimee believes the economy is firing along on all cylinders does she? A shallows-dweller might believe the headline hype about vehicle sales at "all-time highs" without reading the fine print disclosing that this was only accomplished by severely loosening the financing guidelines for subprime borrowers, while vehicle manufacturers have "channel-stuffed" record inventory through to dealers. This problem is now so massive that bad vehicle loans and bad student loans are resembling the situation just before the mortgage meltdown of a few years back. This might be good time to learn the art of vehicle repossessions for those seeking alternative employment opportunities.
Hey, I don't really want to leave you on a downer (like forgetting the yeast in your bread recipe) but.....the only reason why EVERYONE doesn't realize what's been happening these last many years, is because the Federal Reserve and this Administration (Bush also) have been taking extraordinary measures never before seen in our nation's history. Sorry Aimee, but they've been lying to you.
If life gives you LEMONS, return them, ask for LIMES....and make a mojito!! Cheers
Once again, we thank Ms. Patton for being a good sport. We don't dislike her, we just don't understand how a recently turned 30-year old could espouse such liberal political nonsense. :)