People: Do NOT eat Wheaties!!
Because from what I learned today, they make you very, very, very dumb.
Let me break it down for you. First, Tyler sends me to a Brad Delong post about medicare. Then I see a link to another Delong post called "Joe Klein has really eaten his Wheaties today". Intrigued, I checked it out, only to come to the horrifying discovery that Wheaties must be really bad for your brain.
Perhaps it isn't a coincidence that so many of the people whinnying the loudest are prominent members of the financial community, the sector that has had the most to do with hollowing out our manufacturing base....
People, you just know that this bizarre claim is submitted without any evidence or proof! It's a real head-scratcher. The Goldman-Sachs destroyed our manufacturing sector? Really? How? This is nuts.
Here's more Klein:
There is, for example, Glenn Hubbard, who was featured on the New York Times op-ed page recently in defense of the deficit commission, describing the problem this way: "We have designed entitlements for a welfare state we cannot afford." This is the same Glenn Hubbard who served as George W. Bush's chief economic adviser when Dick Cheney was saying that "Reagan proved deficits don't matter." One imagines that if Hubbard was so concerned about deficits, he might have resigned in protest from an Administration dedicated to creating them.
Wow. First, one can easily and logically consistently believe both of the following: (A) Our entitlement programs are unaffordable and (B) deficits don't matter.
Saying entitlements are unaffordable means you want entitlement spending cut. It's the SPENDING THAT MATTERS. Deficits, to a first approximation are future taxes so, yes one could hold the view that, while deficits don't matter, spending does, and the future path of our entitlement programs put us on a path to too high spending.
I am an example of someone who believes both (A) and (B) above, so is Milton Friedman.
Look, I am not a Glenn Hubbard fan by any stretch of the imagination, but there is really nothing necessarily hypocritical in simultaneously espousing the two views being attributed to him by the wheat-and-milk-addled Klein.
The last bit, that anyone who didn't resign from the Bush administration has no legitimate standing to discuss future entitlement spending, is just plain asinine.
People, Brad is a smart guy, so I figure he knows Klein is full of it. Thus I view his post as an elliptical, but important PSA on the ill effects that Wheaties have on brain function.