The American Institute of Economic Research has never been confused with the Institute of Comedy Research. However, their current issue contains an amusing article by its Editorial Director Jeffrey Tucker. He states two “gangs” are ruining the world, by ignoring “real” economics. The Gang of the Right says the road to redemption is lined with tax cuts, while the Gang of the Left says the road to redemption is lined with social engineering. Neither believes balanced budgets are relevant to any discussion. Both pay respect to a balanced budget, but their actions don’t match their words. You can make up fancy names like Supply-side economics or like Keynesian economics, but neither has balanced the budget, since the Clinton Surplus in 1999.
Eight years ago, an amusing, if profane, video became viral around-the-world. It featured a small tenacious animal that deserves more respect than it gets. “Real” economics deserves more respect than it gets. To refresh your memory of Honey Badger, you can see the video at https://www.youtube.com/watch?time_continue=5&v=4r7wHMg5Yjg . (Warning: the language is crude.)
Tucker makes the argument that two Gangs are ignoring “real” economics, which is as tenacious and as dangerous as the Honey Badger. Like “real” economics, you can’t ignore Honey Badger for too long. You can’t stop a Honey Badger with a tax cut nor racial peace. Honey Badger don’t care! Honey Badger cares only about eating. “Real” economics cares about responsible fiscal management, responsible monetary management, and responsible supervision of business and people. This is often called Austrian economics and Libertarian politics.
Tucker believes it won’t be pleasant when Honey Badger catches either Gang!