Krugman’s economic opinions shift depending on whether a Republican or a Democrat occupies the Oval Office.
Pops your balloon to think that sometimes an MIT education and degree and a Nobel Prize can lead to this.
New York Times economics commentator Paul Krugman said the fiscal deterioration had reached “catastrophic proportions”, pointing out that in its first budget the Bush administration projected a surplus for 2004 of $262 billion. Now it projects a deficit of $307 billion—a deterioration of $570 billion matched by comparable deterioration in each succeeding year.
Krugman claimed that while financial reporters were starting to realise Bush was out of control—CBS Market Watch said he had “lost his marbles”—the “sheer banana-republic irresponsibility of his plans hasn’t been widely appreciated.”
http://www.wsws.org/articles/2003/feb2003/econ-f11.shtml