Newsweek Not the Best Source of Economic Advice

Bias and economic illiteracy continue to rule in the mainstream news media, as Daniel Gross at Newsweek has put forth a stupid argument against tax cuts.

Gross's entire argument is predicated on the notion that tax cuts won't stimulate immediate consumption - contrary to conservative claims. A college professor may feel especially "flush" and buy books, Gross argues, but an average worker, in today's unique economic climate of fear, will not.

Putting aside the specious claim that today's climate is uniquely fearful, compared to say the days of the Carter Administration, Gross's argument is a straw man. It has nothing to do with the arguments that conservatives have been making on behalf of permanent, marginal tax rate cuts to create incentives to entrepreneurship and investment, which in turn creates new, good paying jobs.

It's never been about spurring consumption among the average worker. Newsweek is not the best source to get your economic policy guidance, I would suggest.