Monday, October 8, 2012
The Truth About Jobs And Conspiracy Theories From The Right Wing
Paul Krugman argues that the recent jobs report contained good news. Unemployment fell below 8% to 7.8%. On the other hand, this was bad news for those who want to get replace Obama with a more friendly face. Many of them responded to the good news by claiming that the BLS fudged the data in order to help Obama. The right wing in the US has a tendency to invoke conspiracy theories to explain facts that do not conform to their belief system. The GOP has done whatever it could to derail government efforts to deal with the recession in order to gain political advantage. We got a weak fiscal stimulus as a result and the Federal Reserve has had use monetary policy, without the added advantage of fiscal stimulus. That, of course, led to conspiracy theories about the Fed as well as political threats to the Fed's independence.