An Economist Mind with a Mother's Intuition

One of the best blogs out there when it comes to understanding the current economic crisis and the efforts to do something about it is the Economist Mom, edited by Diane Lim Rogers of the Concord Coalition.

Lim Rogers declares the blog as the place . . . “where analytical rigor meets a mother’s intuition”–where honest math and sound economics is communicated in a way that makes common sense and is relevant to our daily lives. The issues they discuss span a wide and unusual range as suggested by the blog’s title–from “do deficits matter?” (yes) to “can I get my family life in perfect order?” (no, she can't). Lim Rogers says that "among the broader policy issues there will be a particular focus on the economics of fiscal responsibility, with the hope that this blog will be part of a newly effective, “grassroots” movement involving ordinary American parents and grandparents, encouraging our policymakers to “do the right (fiscal) thing” for the sake of our children and grandchildren.

I'm a big fan of Lim Rogers, but if there is a criticism that I would make of the over-arching theme of the blog it is that by relying on a "mother's intuition" to generate the common sense side of the blog, Lim Roger's sometimes falls short on understanding the strategic choices that need to be made in order to find that sweet spot where fiscal responsibility and a mother's intuition meet meet effectiveness of effort.

A recent case in point was Lim Roger's (vocal) appearance tonight on NPR's Marketplace. Unlike so many other commentators, Lim Roger's understood that the bill being considered by Congress right now has two key components: stimulus and competitiveness. She gave a concise and clear explanation of the two components that should be framed and placed right in frot of every pundit in the country so that they understand it as well. However, on her Blog she seems to make the case that we can afford to wait on the parts of the package that will take longer to get into the economy but will position the US to be competitive in the global economy. This is where she's wrong and a bit of common sense and mother's intuition will go a long way toward understanding why.

If you think that the partisanship and posturing over the current bill is bad - just wait until we are another trillion dollars in the hole. Even the most far sighted folks will be wringing their hands about spending the money needed to achieve the goal of creating a "smart grid" or bringing some other sustainable technologies to market. In fact, I would make the case that if we had to choose between immediate stimulus and investments that will ensure our competitiveness for the future, that we should endure the hardship of short term for the promise of the long term.

When the crisis of 9-11 generated international goodwill that could have been turned into an opportunity to unite the world in an all out effort to end our dangerous dependence on fossil fuels, President Bush told us all to go shopping and he missed the most powerful teachable moment in recent history. Woe unto us if President Obama is equally shortsighted.

If we sacrifice what is important for what is urgent, we will emerge from this recession as a second rate economic power without the will or the courage to take the action that will be necessary to make us competitive for the long-run.


"Deep Roots" Poster and Card

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All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by frost.

J. R. R. Tolkien

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