Friday, July 30, 2010

There are two kinds of people...

...who really bug me right now. (I know what you're thinking -- only two?) The first are the deficit hawks who want to extend the Bush tax cuts. And the second are the crybabies who blame the high unemployment rate on the "uncertainty" coming out of Washington -- as if weak demand and the deleveraging of the consumer had nothing to do with it.

Alan Blinder, co-director of Princeton's Center for Economic Policy Studies and a former vice chairman of the Federal Reserve's Board of Governors, says:

...People don’t know what’ll happen with the tax code, though my guess is the answer is not very much. They’ve got a new health-care reform to digest, though it’s not that major a change for you if you’re not in the health industry. And now there’s a new financial reform to digest, but if you’re not in one of the financial industries, it’s not terribly relevant. These changes might impact you, but they’re not first-order compared to how much you can sell.

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