Skip to comments.The Lessons of the Great Depression
Posted on 04/05/2010 9:56:14 AM PDT by Lonesome in Massachussets
Robert Barro is a professor of economics at Harvard, and a commentator for The Wall Street Journal and Business Week. His critique of the Obama stimulus package provoked a sharp attack from Paul Krugman in The New York Times, which brought a spirited response from Barro. Basing his arguments on his empirical work, Barro takes issue with some common assumptions about the Great Depression, and how America got out of it.
(Excerpt) Read more at five-books.com ...
So are you not a fan of what Obama is doing?
I think the stimulus package was very stupid; it was awful. Its just a tremendous waste of money and its going to cause some trouble in terms of a bigger public debt; its just wasting resources.
There is a stark difference between the America of the Depression and today’s America of the Coming Great Depression. It hinges mainly on the quality of its citizens. Far too big of a portion of our citizenry and just plain entitlement-minded loafers and leeches. We won’t recover from that unless we reduce their rolls through actually making them earn a living.
Due to the past failures of our education system, many of them are incapable of making a living.
I was surprised when Krugman got the Nobel instead of Barro.
Barro has been very deserving of the award for a very long time.
Krugman used to be an economist, back in the 1970s, before his brain rotted away.