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Joe Biden Plows New Ground in the Field of Economics

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.

I'm talking fucking elasticity of demand and economic multipliers, OK?

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.

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6 Responses to Joe Biden Plows New Ground in the Field of Economics

  1. I think he meant in the sense that people will spend that $300 a week and “transfer” it to stores and gas stations just as the “stimulus” was “transferred” to construction cos. Funny story about the latter–the AZ Republic said most of our construction cos in AZ could not get in on that–the big established companies underbid them and tacked the work onto their job list. No more people hired, etc.

  2. He seems to be a better speaker than the Prez. Good for him.
    It’s not that there are no jobs to be had, it’s that the jobs don’t pay the same as the benefit does. Why take a $9 hour job when you’re collecting $400- 500 a week.
    People are taking jobs getting paid ‘under-the-table’ while collecting benefits.
    Works out for the employer who doesn’t have to pay SS or give the employee any benefits, the employee doesn’t pay income tax or SS.

    If benefits are denied, the unemployed will head over to the welfare office, they’ll have no choice. Rock and a hard place.

  3. If tere were jobs to be had, unemployment benefits would be a disincentive work (assuming, of course, that they were high enough to keep a person/family afloat, which they are not). But following the recession caused in large part by actions of the millionaires the Republicans don’t want to tax (those millionaires who are obviously NOT creating jobs right now, especially since very few of them are the small business owners Republicans claim would be hurt by restoring the tax levels), extending benefits would help involuntarily unemployed people feed their families and supplement any savings they might have left so that they can keep their homes and health insurance. I wonder what those who refuse to extend the benefits would say if THEY were unemployed. Too mnay of our elected officials are TOTALLY OUT OF TOUCH with REAL PEOPLE on the ground.

    • I agree with George–most unemployed people are not lazy welfare queens and kings. This is bad out here. And you can’t just “go on welfare,” not like the old days.