Kitchen Sink #4: "Left-Leaning Economists"

Major Bernie Scandal Alert! Four Democratic economists who served at various times as economic advisers to Presidents Clinton or Obama have written a scathing open letter, accusing another economist not even affiliated with the Sanders campaign of doing math which does not add up to their unspecified specifications.

Gerald Friedman of UMass-Amherst, who recently received progressive accolades for his own scathing takedown of a Wall Street Journal hit piece falsely asserting that Sanders's single payer health care plan would bankrupt the middle class, now finds himself the target of attacks from the neoliberal centrist faction of the Democratic Party. And Bernie Sanders himself has been declared guilty by association.

New York Times columnist Paul Krugman, in one of a whole series of recent breathless posts damning progressive "unicorns," and other perceived enemies of the Neoliberal Order, is demanding that Sanders immediately disown Friedman -- with whom he has no direct association at all. "Sanders needs to disassociate himself from this kind of fantasy economics right now," Krugman shrilled. "If his campaign responds instead by lashing out — well, a campaign that treats Alan Krueger, Christy Romer, and Laura Tyson as right-wing enemies is well on its way to making Donald Trump president."

 As I responded in my published comment, this kind of fear-mongering McCarthyesque attack is reminiscent of the media hysteria over the Obama-Jeremiah Wright controversy during the 2008 campaign. As you may recall, Obama dutifully "disowned" Wright after the pastor preached what were deemed by the Establishment to be un-American sermons.

The source of the latest angst is a newer analysis by Friedman, leaked to CNN, which purportedly claims that Medicare for All would boost economic growth by more than five percent. 

The false equivalency engine immediately went into overdrive. The Four Wonks of the Neoliberal Apocalypse took up their pens of outrage, even going so far as to set up their own WordPress blog which they call "letters to sanders." So I guess we can expect more scathe in the future. Here is their first entry, in its entirety:

  Letter from Past CEA Chairs to Senator Sanders and Professor Gerald Friedman -- Posted on February 17, 2016 by lettertosanders 

Dear Senator Sanders and Professor Gerald Friedman,

We are former Chairs of the Council of Economic Advisers for Presidents Barack Obama and Bill Clinton. For many years, we have worked to make the Democratic Party the party of evidence-based economic policy. When Republicans have proposed large tax cuts for the wealthy and asserted that those tax cuts would pay for themselves, for example, we have shown that the economic facts do not support these fantastical claims. We have applied the same rigor to proposals by Democrats, and worked to ensure that forecasts of the effects of proposed economic policies, from investment in infrastructure, to education and training, to health care reforms, are grounded in economic evidence.  Largely as a result of efforts like these, the Democratic party has rightfully earned a reputation for responsibly estimating the effects of economic policies.

We are concerned to see the Sanders campaign citing extreme claims by Gerald Friedman about the effect of Senator Sanders’s economic plan—claims that cannot be supported by the economic evidence. Friedman asserts that your plan will have huge beneficial impacts on growth rates, income and employment that exceed even the most grandiose predictions by Republicans about the impact of their tax cut proposals.

As much as we wish it were so, no credible economic research supports economic impacts of these magnitudes. Making such promises runs against our party’s best traditions of evidence-based policy making and undermines our reputation as the party of responsible arithmetic. These claims undermine the credibility of the progressive economic agenda and make it that much more difficult to challenge the unrealistic claims made by Republican candidates.

Sincerely,

Alan Krueger, Princeton University

Chair, Council of Economic Advisers, 2011-2013

Austan Goolsbee, University of Chicago Booth School

Chair, Council of Economic Advisers, 2010-2011

Christina Romer, University of California at Berkeley

Chair, Council of Economic Advisers, 2009-2010

Laura D’Andrea Tyson, University of California at Berkeley Haas School of Business Chair, Council of Economic Advisers, 1993-1995

Mind you, this letter was written immediately after renowned economist Thomas Piketty published an op-ed in praise of Bernie Sanders and his tax-the-rich, New Deal agenda. It follows a grand total of 170 economists who last month wrote their own letter endorsing Sanders's and Elizabeth Warren's plan to break up the big banks. (h/t Meredith.)

 The letter from the Fantastic Four dovetails ever so nicely with a New York Times editorial posing as a news story by Jackie Calmes, whose unabashed slant-fest was obliterated very ably by Doug Henwood, writing for FAIR (Fairness and Accuracy in Reporting.)

Henwood notes that most Bernie-bashing from professional Left-Leaners uses the same formula. Show some initial surface sympathy for his agenda (I always loved Single Payer!) before immediately pivoting to concern-trolling its "impracticality" in the Current Climate, and then finally building up to a crescendo of outright derision and mockery and straw man attacks. The mockery, as practiced by Krugman's Puppies, Rainbows and Unicorn-Hating Coalition, has now achieved true art form, iconic status. Henwood also reminds us that concern-trolling economist Goolsbee is the same duplicitous political operative who once assured the Canadians that Obama didn't "really" plan to overturn NAFTA. Goolsbee, since leaving the Obama administration and writing nasty Open Letters, also advises hedge funds in his spare time.

I wrote two separate responses to both of Krugman's authority-appealing posts on the Four Worried Wonks:

The four worried wonks worked for two centrist administrations. They falsely equate fraudulent GOP trickle-down with righteous FDR-style trickle-up/opening of the floodgates.  Krugman tellingly does not define "winners and losers." Could it be that under a President Sanders, the losers would be the plutocrats and the winners ordinary people now struggling just to survive?

The Four Wonks of the Apocalypse work for a party which has not served the interests of the plebes since the Clintons surged to power on the second wave of Reaganism. This neoliberal "Third Way" is loosely defined as free market conservatism loosely papered over with "social responsibility." 

 The select Democratic Wonk Committee on Bernie-Bashing Paranoia is about the fortunes of the Party, not the fortunes of the people. Why else would the DNC try to limit its primary debates? They were worried that the "conversation" would extend beyond the acceptable arguments between centrists and right-wingers. As Simone Weil wrote, political parties have one main goal: their own continued existence and hold on power. Once they gain power, they tend to forget the basic social contract.

Many of us are simply disgusted with this spate of fear-mongering and concern-trolling. We're all too aware that recent columns by Brooks, Blow, Friedman and Krugman all sound the same. And no, they're not corrupt or looking for jobs. They're simply banal.

The only logical response to these elite "concerns" is a big, fat group Meh.

A big, fat Meh.

And my follow-up to his Worried Wonkopalypse follow-up post, demanding that Bernie disown Friedman, himself, and us..... because if he doesn't fall into line, we'll get ourselves a President Trump:

OK, now I get it. Gerald Friedman is to Bernie Sanders what Rev Jeremiah Wright was to Barack Obama. The concern trolls are demanding A Major Disowning Speech. They want reassurances from Bernie that the teeming masses are not really coming after the sensitive elites with their pitchforks. They want Lloyd Blankfein to get over his crippling pathological fear that millions of bank-evicted unemployed people are lurking just beyond his heavily guarded compound(s.) And all Blankfein ever said was that struggling people shouldn't count on getting Medicare and Social Security while he rakes in a cool billion!

I'm not a wonk myself, so I have no way of knowing whether Friedman's math adds up. But this is just a distraction. Nobody is asking Hillary Clinton how her own math adds up. Campaigns are by their nature aspirational rather than mathematical. Politicians do want people to show up to vote, or so I would assume.

 Bernie Sanders is being held up to an impossible standard.

I stand by my comment in the previous thread. This is all about the Wall Street wing of the Democratic establishment wanting to hold onto power. Lesser Evilism is way past its sell-by date. The days when pundits and plutocrats could manufacture the consent of the masses through fear and smears are gone, baby, gone.

Friedman doesn't work for Sanders. Nor does Sanders refer to the Four Worried Wonks as right-wingers. Nor is he treating them with any disrespect (though god knows they mightily deserve it.)

Update: The Unicorn-Hating Collective is now a news story unto itself. Legions of aggrieved Wonks are joining Krugman (and of course Hillary Clinton herself) in playing the victim card. The Bernie Bashers are getting bashed all over the place by mere plebes. They're getting called out on their insufferable wonkitude, and their feelings are apparently hurt. I mean, the fact that we live in the only country on earth without basic health care for all its citizens is simply a matter of charts and math that the wonks work so tirelessly to invent. The New York Times, as ever, is On It: 

But there may be something broader going on here beyond the specific disagreements about growth assumptions, or cost savings from a single-payer health system, or how to regulate the financial system.

Behind closed doors, among the left-of-center policy types who populate the congressional offices, executive agencies and think tanks of Washington, I’ve seen enough eye rolls when Mr. Sanders’s name comes up to suspect something more tribal is going on.

The wonkosphere vs. Bernie clash is not just a story of center-left versus left-left. It is also a clash between those who have been in the trenches of trying to make public policy for the last seven years versus those who can exist in a kind of theoretical world of imagining what public policy ought to be.

Don't you lowly people realize that Wonks work all night on your behalf? Do you really think that politicians only have to answer to their constituents? Bernie Sanders will never, ever be able to make nice with the Wonk Collective, which realistically admits that lobbyists and bankers are people, too!

The article conveniently forgets to mention that Bernie once suggested Paul Krugman, wonk extraordinaire, to lead the Treasury Department. Methinks those wascally wonks doth protest way too much.