Quote of the Day: October 19, 2011: Richard Dawkins Is a Nominalist
What Needs to Happen for the Fed to Successfully Target the Level of Nominal GDP?

Paul Krugman and Menzie Chinn on "Validators" of the "Real American Jobs Act"

Paul Krugman:

Adventures In Credibility: Menzie Chinn takes us through the “Real American Jobs Act”, which is every bit as ludicrous as one might imagine. What caught my eye, however, is who the GOP is leaning on for economic validation: namely the Heritage Foundation. Yep, the people who released an analysis claiming that the Ryan plan would drive unemployment down to 2.8, that’s right, 2.8 percent; and who then tried to flush that analysis down the memory hole, but weren’t quick enough to forestall others from keeping cached copies. And the GOP is relying on Heritage not once but twice — for the claim that the Affordable Care Act has somehow cost vast numbers of jobs already, even though the thing hasn’t even gone into effect yet, and for the claim that the GOP bill would create 1.6 million jobs.

Here’s a suggestion for the GOP: why not rely instead on diviners who examine the entrails of sacrificed rams? It would improve your credibility.