Obstruct and Exploit (Krugman again)

The New York Times ^ | 9/9/2012 | Paul Krugman

[Beave Meister]

Does anyone remember the American Jobs Act? A year ago President Obama proposed boosting the economy with a combination of tax cuts and spending increases, aimed in particular at sustaining state and local government employment. Independent analysts reacted favorably. For example, the consulting firm Macroeconomic Advisers estimated that the act would add 1.3 million jobs by the end of 2012.

There were good reasons for these positive assessments. Although you’d never know it from political debate, worldwide experience since the financial crisis struck in 2008 has overwhelmingly confirmed the proposition that fiscal policy “works,” that temporary increases in spending boost employment in a depressed economy (and that spending cuts increase unemployment). The Jobs Act would have been just what the doctor ordered.

But the bill went nowhere, of course, blocked by Republicans in Congress. And now, having prevented Mr. Obama from implementing any of his policies, those same Republicans are pointing to disappointing job numbers and declaring that the president’s policies have failed.

[Beave Meister]

He needs to ask himself why these bills were blocked by Republicans? Could it be they just like Cash for Clunkers et al.

[2ndDivisionVet]

State and federal bureaucrats deserve more stimulus? Seriously? Most college grads are lucky to find a McJob and you want to feed the bloated salaries of public union members? And you are surprised that the Republicans didn't go along with that, when public employee unions are the biggest special interest group in the Democratic Party and contribute millions and millions in dues and man-hours? What kind of marijuana do they sell in your office?

[downtownconservative]

Krugman is a socialist and Keynesian zealot. Sorry, but we don’t need government jobs that must be supported by taxes and are, therefore, not self-sustaining. We need private sector jobs that are supported by (a novel concept to Kruggy) profits.

[GeronL]

confirmed the proposition that fiscal policy “works,” that temporary increases in spending boost employment in a depressed economy

lol. What is so temporary about the past 20 years?

These people know that you can artificially inflate the money supply or artificially boost employment but that neither of these things help the economy. Only setting the private sector free does that.

[wac3rd]

Krugman, like the Democrats, believe all rights, currency and freedoms come from Government.

Any Conservative argument is ignore when you fundamentally believe in the State over the People.

Obama and the Marxists don’t acknowledge God (see DNC Convention last week) and Krugman illustrates this point.

[jersey117]

Why don’t these people just move to a socialist/communist country and leave our America alone.

[LibLieSlayer]

krugman is a keynesian kommunist.

LLS

[boop]

So the last stimulus in 2009, nearly a trillion dollars got us exactly HOW many “jobs” again? Where? Come on Krugman, you’re slipping. SHOW US where these “success stories” are!

[mjp]

confirmed the proposition that fiscal policy “works,” that temporary increases in spending boost employment in a depressed economy

Data from Ohio, as an example, shows that a fall in average money wage rates to a low enough level, by the beginning of 2010 is what actually started the increase in employment in that state.The Obama stimulus was passed in Feb 2009.

Ohio Employment data by YCharts

Ohio Average Hourly Earnings of All Employees: Goods Producing (Unadjusted) data by YCharts

[RightWingNilla]

As crazy as it sounds, Krugman thinks the stimulus didn’t work as well because we didn’t spend nearly enough.

Keynesian economics is like phlogiston theory of chemistry. As a result of these bozos (and their marxist predecessors), the entire field of economics is several centuries behind the hard sciences.