In the U.S. and elsewhere, it’s generally right wing, “pro business” (I’ll get to why I put that in quotes in a minute), sycophantic free market deficit hawks who are really only interested in cutting government spending on pretty much anything that doesn’t further enrich them.
They hide their real intentions behind fear mongering about budget deficits — budget deficits that they largely created — while claiming, in the face of indisputable evidence to the contrary, that trickle down economics works.
I thought about this when I read the following, in a seemingly totally unrelated article about Corning, the glass company.
So strong is this reverence for experimentation that the company regularly invests a healthy 10 percent of its revenue in R&D. And that’s in good times and in bad. When the telecom bubble burst in 2000 and cratering fiber-optic prices sent Corning’s stock from $100 to $1.50 per share by 2002, its CEO at the time reassured scientists that not only was Corning still about research but that R&D would be the path back to prosperity.
Now, this is a company that’s been around since…wait for it…
Obviously, this idea of investing (a fancy word for spending) when economic times are tough makes good business sense.
Yet, we hear over and over again from those sycophantic free market deficit hawks that the private sector does things better and more efficiently than government, and so we should run the government more like we run businesses, only, when economic times get tough, they want to massively cut spending.
Seems these “pro business” people aren’t very good at business at all.