StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between

If You Don't Know Joe Minarik, You Should

18 Aug 2012
Posted by Stan Collender

Joe Minarik has the resume that most budget people only dream about. He's the former chief economist for the Office of Management and Budget and the House Budget Committeen and currently is senior vice president and director of research for the Committee for Economic Development.

(In case you're not familiar with CED, it's the very highly regarded organization of current and retired senior corporate leaders that's been around for 70 years and  since it began has been dedicated to providing business expertise to public policy issues.)

Joe is also someone I've known well for just about as long as I've been working on the budget, and that's now closer to 40 than 30 years.

For all these reasons, but especially because it's so well-written and straight forward, you should really take a look at this short and incredibly readable post by Joe from the CED "Back in the Black" blog called "Fixing The Budget: What’s In It For Us."

To my mind, here's the money quote:

So deficit reduction is not the eternal answer to every question, nor will it be easy or painless.  It should not be pursued for its own sake in blind confidence that it will solve every ill.  However, given our nation’s overgrown debt, we must find our way there soon; and for all of the difficulties enumerated above, there will be benefits as well.

Our Nation's Overgrown Debt

What EVIDENCE is there that our nation's debt is "overgrown" and a threat to our economy? Of course, there is NO evidence to support that proposition.

In fact all the evidence is to the contrary: government interest rates are at historic lows, inflation has not been over 4% for more than 20 years, and, despite the massive increase of the Fed's balance sheet over the past 3 years to finance the debt, the dollar is very strong against foreign currencies. Many economists say it is too strong.

Why are "experts" like Joe Minarik permitted to make unproven allegations about the threat posed by our federal debt? What if our grandfathers had refused to fight WWII because of the run up of the national debt to levels much higher than now?

Joe Minarik should apologize to all the unemployed in America who are suffering because of the debt fetish of policy makers in Washington.

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