Well, I always knew that Vice President Biden was hiding some talents from us.
Apparently, he’s not only an economist, but he’s an economist who is busy during his off hours at home in the National Observatory devising novel economic theories.
Here’s what Biden said Friday on the topic of extending unemployment benefits, according to the pool report by The Washington Examiner’s Julie Mason:
Biden said it’s crucial that Congress extend unemployment benefits. “It must be done before they leave town,” he said.
He made the case that, “not only is it the right thing to do,” it makes economic sense, and especially right before the holidays, when that money gets pumped back into the economy. Unemployment insurance is a “powerful driver of economic growth,” he said.
Well, it may or may not be the right thing to do. But to say paying people not to work is a “powerful driver of economic growth” is a novel economic theory that deserves examination by a team of Harvard and MIT economists, so that, if it’s true, we can extend unemployment benefits to THE ENTIRE POPULATION and really get this economy off the ground.
Unemployment benefits are a TRANSFER PAYMENT which means they merely take money out of someone’s pocket by TAXING THEM and put it in somebody else’s pants. Only difference is, the person getting the money is NOT WORKING and therefore generating no wealth for the economy. And unemployment benefits, while necessary as a stop-gap, become a DISINCENTIVE TO WORK if ladled out over too long a period.
Below, Professor of Economics Joe Biden delivers the White House Weekly Address. President Obama’s trip to Afghanistan apparently gave him the week off from what I am sure becomes an annoying feature of his job.
Unsurprisingly, Joe Biden, who enjoys hearing the sound of Joe Biden, clocks in at slightly longer than Obama does in most of his addresses.