‘We Don’t Have Capitalism’: Glenn Beck, Richard Duncan and Art Laffer Break Down The Economic Crisis
- Posted on July 17, 2012 at 9:28pm by Mytheos Holt
Glenn Beck hosted an unusual show on Tuesday night, devoting large segments of the program not to personal sermonizing, but instead to hearing from two different experts with very different takes on the economy. Those two experts were economists Art Laffer and Richard Duncan, who managed to both take a very pessimistic view of where the economy currently is, while also offering diametrically opposed suggestions for how to improve it.
Broadly speaking, Duncan approached the issue from the Left, while Laffer approached it from the Right. However, those two descriptions don’t actually do the full clash of ideologies justice. Duncan argued that the choice of options for the United States government was threefold, and that policymakers could either 1) Revert to a balanced budget, which would contract the economy all the way into a depression, 2) Keep spending at the current rates and go bankrupt and hit a recession in 5-10 years, or 3) Keep spending at current rates, but use the money to invest in up-and-coming technology, rather than to pay off cronies or create shovel-ready jobs. Duncan favored the third approach, as you’ll see in the following video:
Laffer, meanwhile, was pushing for an approach that can pretty much be described as down-the-line conservative movement orthodoxy, arguing for a flat tax rate, low levels of regulation, sound money and free trade. He also dismissed Duncan’s approach as a failure to do math, claiming that Duncan’s usage of accounting based on the Gross National Product (GNP), rather than the Gross Domestic Product (GDP) was flawed. Hear him make his case below:
Beck seemed to side with Laffer, but let Duncan make his case and pitched his book respectfully at the end of the latter’s segment. However, he did indicate what his own views are regarding the economic crisis in a solo segment talking about the prospect of America’s credit rating agencies being taken over by the Federal government. Listen to Beck explain this menace here:
“This is putting a crack addict in charge of the crack factory. It’s like putting Butch Cassidy and the Sundance Kid in charge of bank security,” Beck said. “It won’t work; it’s crazy! Progressives are seizing power, and November 6th is the point of no return.”
This entry was posted on July 17, 2012 by Various Writers. It was filed under 2012 Election, Class Warfare, Cloward and Piven Strategy, Corruption, Corruption in Government, Deficit, Economic Terrorism, Elections Politics, Employer Uncertainty, Excessive Government Spending, Government, Government Regulations, Jobs, Liberal Scare Tactics, Liberals Big Spending and Taxes, Manufactured Crisis, Media Corruption, National Debt, New Media News, Politically Intentioned Crisis, Politics, POTUS Deception, POTUS Elibility Issue, Progressives pushing for Marxism/Socialism, Propaganda, Public Sector (Government), Radical Liberal Progressive Left, Redistribution of Wealth, Tea Party Conservatives, TEA Taxed Enough Already, The Economy, Unemployment, Unfunded Union Pensions, UNIONS ACORN and SEIU and was tagged with Americans reject Socialism, Art Laffer, break down, Business, capitalism, Communism, Culture of Corruption, current-events, economic crisis, economy, Election 2012, Free Markets, glenn beck, Marxism, Marxists in the White House, National Debt, no Capitalism with Obama, obama administration, politics, Richard Duncan, socialism.