From today’s FT:
Rapid and broad based employment growth
I’ve just returned from two highly stimulating conferences in Beijing. The first was a Columbia-Tsinghua conference on “Capital Flows and International Financial Systems”, organized by Jiandong Ju and Shang-Jin Wei, and the second a NBER-China Center for Economic Research conference on “China and the World Economy”, organized by Yang Yao, Shang-Jin Wei, and Chong-En Bai.
The Extreme Supply-Sider one in Topeka, that is. Josh Barro notes how tax cuts failed to result in entrepreneurial renaissance that would result in revenue increases; Wonkblog further observes (I did before) that employment growth has collapsed utterly and completely. Paul Krugman has dissected the social dynamics underpinning the adherence to patently unsupported ideas, but it is always useful to reiterate the facts of the case.
State-level employment figures released this morning by the BLS indicate indicate that as US (and regional peer Minnesota) employment powers along, Wisconsin lags. As does Kansas. Hence, the negative correlation between the ALEC-Laffer economic outlook index and actual economic activity persists