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Beck's resident economist is not really an economist. AP Photo Evan Agostini
Glenn Beck continued his "close the case" series yesterday by giving his viewers the "facts" on economics and the national debt. To illustrate such definitive facts Beck hosted David Buckner, an adjunct professor at Columbia University. Buckner proceeded to explain the financial collapse of 2008 (neglecting to mention the credit default swaps and deregulation at the heart of the crisis) and to make complicated projections on the federal debt without citing one other economist. In the end Buckner concludes, much like Beck, that the current debt is unsustainable and that taxes are "likely" to go up by 85% unless inflation takes over. (clip below)
It all seems very open and shut with Beck's resident "expert" on economics explaining our debt crisis. There is one problem however. David Buckner is not an economist. Beck never mentions that Buckner is actually an Adjunct Associate Professor of Psychology and Education. Buckner's experience includes training executives at many businesses in cultural integration, change management, and strategic efficiency modeling" but he never references any qualification in economics or economic projections. It seems that this would be important since Buckner is making the kind of economic projections that even to most renowned economists struggle to make. I would not doubt Buckner's qualification to train Beck's viewers how to be more effective managers but to anoint him as the expert on the recent financial crisis and the federal debt seems rather strange.
For those interested here is what one Nobel Prize winning economist says about the debt. Paul Krugman, a full-time economics professor at Princeton University, argues that the debt is in fact very manageable even at its current levels. Krugman points to "facts" like the debt in comparison to overall GDP to show that our debt levels are actually much lower than previous points in history such as right after WWII. The high level of debt during that time period was eventually reduced not through higher taxes or inflation but by economic growth. The debt was kept at the same level while the economy grew in the following decades which dramatically reduced debt as a percentage of the GDP. The same model is certainly possible with our current debt levels.
Beck and Buckner argue that the government must make dramatic cuts to spending to eliminate the deficit at all costs. Krugman on the other hand points to "facts" once more in showing how this kind of deficit reduction in hard economic times actually makes matters worse. In other countries, and in our own history, this kind of deficit reduction only served to cause further economic troubles which can ultimately cause the debt to increase further.
Now Beck could find many well-qualified economists who would disagree with Krugman and I would invite Beck to bring those economists on his show. I think Beck refuses to allow these more qualified economists to come onto his show because they may refuse to go along with all of Beck's theories as he would like. So intead Beck tries to "close the case" by using a psychology professor to make bold economic predictions which are better left to people like Krugman.
Comments
I now believe Witt is infatuated with Beck.
the Beckites will be by shortly to explain it all away, all the while calling people that question Beck all types of names they picked up from Limbaugh's show...they seem to like Palin, Beck and Limbaugh, but somehow are able to reconcile the fact that Palin is a birther and Beck says birthers are stupid.
Yeah?
Chief of Staff Rahm Emannuel's undergrad degree from Sarah Lawrence is in Ballet dancing. His grad degree is in Speech.
What's your point? If you don't think psychology and the economy are linked, I don't even know where to start to reason to you.
Do you have a degree in Media Analysis? Political Science at least? I hope so. Otherwise you aren't allowed to have an opinion on Glenn Beck.
walnut, show us all where Palin said or implied she is a "birther"!
" Krugman on the other hand points to "facts" once more in showing how this kind of deficit reduction in hard economic times actually makes matters worse. "
Uh no. No he doesn't.
He points to two examples where two world governments over-chopped government programs while at the same time raising taxes.
What Krugman DOESN'T say is what happened to the American economy AFTER the correction pain of 1939. What happened in Japan AFTER the correction pain of 1997.
Beck has said Ad Nauseum that it's going to hurt like a bitch for a while after necessary government cuts change our way of life.
and even more Beckites will come and call names and explain it all away while going offtopic and believing they have made a point.
Dear Mr. 1/2Witt:
The face of the environmental zealot hysteria movement is Al Gore. Wasn't he a divinity student who has been wrong about everything he predicted for more than 30 years!
The president's sole non-government experience is as a Community Organizer, you know, like Jesse Jerkson and "Twana" Sharpton. He may even be a worse president than they would have been!
Now, Back to Beck's guest. It doesn't matter if he is an economics proferssor or a dance professor so long as his information is accurate. The leftist lunatics continually bring up issues irrelevant to the issue being discussed.
The best thing about Beck is how he gets to the idiot liberals. He drive you clowns crazy(ier). As does Palin. As does Bachmann. Why? Obviously because they are effective and scare the hell out of the left.
Hey, Obama hasn't been a complete failure. He actually pulled off a miracle. He's made the Republican look attractive again, if you believe the polls!
Look at the smear mongering in this article. Two words; 'the facts' turn into smear words; the "facts". Quite a twist. And David Buckner "neglected to mention". And Beck "never mentions".
Krugman believes that economic growth will come out of thin air. The end justifies the means do anything to effect the fundamental transformation.
The progressives assume people of common sense to be a bunch of stupid dummies and ignorant. NO THEY AREN'T! Common people own this country. They aren't stupid. They sure don't want to have to go take time out to wrestle their country back from progressive tyrant usurpers. But now it is time.
The debt is "sustainable?" according a "nobel prize winning economist". Not surprising because to a keynesian all debt at any level is always sustainable, ALWAYS. Keynesians say money grows on trees. Well it does. That's what paper is made out. Government adds the ink.
The US is a net exporter of debt. How do you think that is going to work out?
Just like the rolling up a scroll. The accusations made have been proved, archived and sealed. The debate is over. Case closed! Facts are not stuborn things to a progressive. Progressives lie, cheat, steal, smear, obfuscate, harass, extort, deceive. The greatest progressives like Mao, Stalin, Hitler, Mussolini, Paul Pot, are responsible for the deaths of hundreds of millions. Others are just tyrants, TR, Chamberlain, Wilson, FDR, Johnson, Bush, Carter, Bush and even lesser ones McCain, Pelosi, Reid, they have not been kind to your liberty. They are tyrants that take without asking. Their greed is power. Glenn Beck always tells the truth
Klatoo: "Glenn Beck always tells the truth." Are you really willing to stand by that statement? Because it can easily be proven false. Beck himself has admitted to not speaking the truth at various times.
I thought you reasonable but you lump all progressives together and call some progressives that are not progressives at all. I don't compare you to Rush Limbaugh or Michael Savage why would you lump all progressives together like they all share these supposed traits. I could make just as much of a case that Hitler was a conservative as you could make that he was a progressive. This kind of talk leads us nowhwere. I am not going to lie I am saddened as I thought you more reasonable than this.
Beck obviously got his DayTimer screwed up and planned his economic rant for the same time as his visit to his pshrink - so the pshrink had to riff on the economy.
Everything clear now?
Hitler was conservative and progressive. I wouldn't vote for him. It was a "greater good" thing in his mind. If you look at my rants, with the singular exception of the personal attacks I made on Snark and Paul, I stand by most of what I said. You are liberal by nature. That's why I read your posts. A progressive agenda blocks reasonable debate all for the cause of the greater good. Progressives monopolize power. History isn't kind to us when so few have excessive power. You say you are a progressive. Maybe you aren't. Your reports are accurate and fair that's very unprogressive. It is what YOU say, not media matters, I find thought provoking. I can't believe you think HCR is well legislated. What is your opinion? Congress is almost pure progressive. Does a 60 dem to 40 rep vote show healthy debate? What do you think? Should HCR be completed in secret behind closed doors. Is that a good policy to continue and why? If so then let's have that debate.
David Buckner is a brilliant man who teaches business students at Columbia University how to be successful in this economy. He also runs successful businesses.
Paul Krugman (Ryan's expert of choice), a leftist ideologue said, "Communism failed as an economic system because people stopped believing in 'it', not the other way around."
Who care what HE 'says' about 'obscene debt' being a good thing?!!!! The end justifies the means with these people. They have no credibility!
Nice on Bruckner and Krugman Gigi.
Klatoo,
When you comment about the 60/40 NONdebate in the Health Care Scam voting, and Progressivist predilections ala Witt....understand that Ryan has a different view than we do about how all this plays out.
And I mean this seriously. It is his opinion and he has a right to it. But he has stated that one of the ways he views America and its' Constitutional Basis is that voting blocks have the right to 'Vote Away', other peoples' rights.
This to him is Democracy in action. Not ahhereing to Constitutional Law. Or I guess his interpretation of this Law and democracy is the active ability for one group to garner political power by legislating away another groups political power.
Mr. Ryan is intentionally deceiving you. He knows full well that Buckner has a degree in law, an MBA, (That's in business, Mr. Ryan.) and a Masters in International Relations. Buckner is an international expert in business economics, and national affairs.
Stephen: I never claimed any of those things were not true. The fact remains that he is a psychology professor. His experience clearly lies in advising organizations on matters of psychology and behavior management NOT in economics and especially economic projections. I have a law degree, I certainly would not argue that makes me qualified to make debt projections for the future and to predict the economic impact of that debt. That is why I quote other QUALIFIED economists to make those points. Beck on the other hand quotes a guy who advises businesses on "cultural integration" in order to try and prove the economy will collapse. Unless his point is that the economy will collapse because of cultural misunderstanding I do not think he really proves his point.
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