The debate of the Gross Obstructive Party has shown an appalling view of the Republican candidates' ignorance of basic economics. Let me quote some of them:
- The Trans Pacific Trade Agreement is to the advantage of China: China is not part of it.
- Don't arm ISIS: we actually don't
- We are losing jobs by the thousands: the job creation last month was 271,000 and 26 months of increase
- We need to deport 11 million immigrants and build a wall: the U.S. does not have the money, the forces and the ability to deport 11 million people
- We will reduce our debt and reduce taxes: it is an arithmetic contradiction
- Obamacare is bankrupting companies: there is not one single company that got bankrupt because of Obamacare
- The Iran deal is the worst ever signed: companies support it
- Banks have higher concentration of risks: the Dodd Frank has actually reduced the risk
- Regulation needs to be repelled: back to 2008?
- We should have a policy not to allow banks to expand: the Republicans do not want an antitrust regulation
- Companies cannot get loans: they are not in need of loans because of the low growth
- The Federal Reserve crashed asset prices: they supported assets and bailed banks out by an amount of 4 trillion
It is symptomatic that the debate cannot build a consensus between Republicans on any of those issues. On the key economic issues I have not found any agreement on tax rates, immigration, indebtedness, regulation, job creation, international trade, the Federal Reserve or the IRS.
It was a competition for outrageous statements. But more worryingly, it was the worse collection of incompetent statements.
God protects us from such appalling bunch of candidates.