Friday, May 27, 2011

The Economy: It's not all bad

Nieman's, Sax, Coach, and Tiffany all have posted strong earnings.

Clearly, SOMEONE out there is doing just fine:

"Neiman, which operates both its namesake and Bergdorf Goodman stores, has benefited as high-end shoppers have opened their wallets in an improving economy and a rebound in stock-market valuations."

And the GOP has finally produced a jobs plan that sounds a little bit familiar (tax cuts, tax breaks, oil, etc.). I guess that it's good that they called it what it really is: House Republican Plan for America's Job Creators. Because, really, it's a plan for corporations and rich people who are supposed to create jobs if we give them more money.

Well, they have more money, and they are spending it at Tiffany's.

Or, sitting on it, which is, I guess, what the rest of America can do, in the immortal words of Arthur Fonzarelli: Sit on it.

(As usual, Ezra Klein gets to the meat of it:

“Here’s how it works,” [David] Autor wrote in an e-mail. “1. You have a set of policies that you favor at all times and under all circumstances, e.g., cut taxes, remove regulations, drill-baby-drill, etc. 2. You see a problem that needs fixing (e.g., the economy stinks). 3. You say, ‘We need to enact my favored policies now more than ever.’ I believe that every item in the GOP list that you sent derives from this three step procedure.

“That’s not to say that there are no reasonable ideas on this list. But there is certainly no original thinking here directed at addressing the employment problem. Or, to put it differently, is there any set of economic circumstances under which the GOP would not actually want to enact every item on this agenda? If the answer is no, then this is clearly now-more-than-everism.”)

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