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Paul Krugman: Romney’s Economic Closet (Mitt is a Keynesian. But he doesn't want you to know it)
New York Times ^ | 02/24/2012 | Paul Krugman

Posted on 02/24/2012 5:55:25 AM PST by SeekAndFind

According to Michael Kinsley, a gaffe is when a politician accidently tells the truth. That’s certainly what happened to Mitt Romney on Tuesday, when in a rare moment of candor — and, in his case, such moments are really, really rare — he gave away the game.

Speaking in Michigan, Mr. Romney was asked about deficit reduction, and he absent-mindedly said something completely reasonable: “If you just cut, if all you’re thinking about doing is cutting spending, as you cut spending you’ll slow down the economy.” A-ha. So he believes that cutting government spending hurts growth, other things equal.

The right’s ideology police were, predictably, aghast; the Club for Growth quickly denounced the statement as showing that Mr. Romney is “not a limited-government conservative.” On the contrary, insisted the club, “If we balanced the budget tomorrow on spending cuts alone, it would be fantastic for the economy.” And a Romney spokesman tried to walk back the remark, claiming, “The governor’s point was that simply slashing the budget, with no affirmative pro-growth policies, is insufficient to get the economy turned around.”

But that’s not what the candidate said, and it’s very unlikely that it’s what he meant. Almost surely, he is, in fact, a closet Keynesian.

How do we know this? Well, for one thing, Mr. Romney is not a stupid man. And while his grasp of world affairs does sometimes seem shaky, he has to be aware of the havoc austerity policies are wreaking in Greece, Ireland and elsewhere.

Beyond that, we know who he turns to for economic advice; heading the list are Glenn Hubbard of Columbia University and N. Gregory Mankiw of Harvard.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: keynesian; romney

1 posted on 02/24/2012 5:55:31 AM PST by SeekAndFind
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To: SeekAndFind

We all already know Romney is a keynesian. When he touts his great business experience and then says that the minimum wage should be indexed to inflation, he is clearly not reading Adam Smith, Friedrich Hayak or Milton Friedman.


2 posted on 02/24/2012 6:00:35 AM PST by cotton1706
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To: SeekAndFind

That is how elites stack the deck and win financially.


3 posted on 02/24/2012 6:06:18 AM PST by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: cotton1706

Don’t forget he went on television and called for economic stimulus in 2008. I believe he now says he was against Obama’s stimulus, but only because they weren’t as wise about spending the money as Moneyman Mitt would have been.


4 posted on 02/24/2012 6:09:32 AM PST by .45 Long Colt
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To: SeekAndFind
How do we know this? Well, for one thing, Mr. Romney is not a stupid man. And while his grasp of world affairs does sometimes seem shaky, he has to be aware of the havoc austerity policies are wreaking in Greece, Ireland and elsewhere.

Austerity. Yeah, that's what has caused Greece's problems.

5 posted on 02/24/2012 6:32:45 AM PST by fhayek
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To: SeekAndFind
"it’s very unlikely that it’s what he meant"

Krugman is lying. I"ve heard Romney specifically state the need to structure things so that the PRIVATE SECTOR generates the "growth" component.

Krugman thinks government spending can generate "growth" and Romney doesn't share that view at all. Different roads.

6 posted on 02/24/2012 6:37:36 AM PST by LZ_Bayonet ( I AM THE TEA PARTY LEADER !)
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To: SeekAndFind

just the mental image of Mitt and Krugman in a closet has thoroughly destroyed my weekend...


7 posted on 02/24/2012 7:18:39 AM PST by Buckeye McFrog
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To: SeekAndFind

We really need to push Newt over the finish line. He’s our only hope at this point.


8 posted on 02/24/2012 7:21:52 AM PST by jersey117 (The Stepford Media should be sued for malpractice)
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To: SeekAndFind

Anybody who thinks that confiscating the wealth of the private sector and giving it to a brain dead liberal bureaucrat in Washington DC will support the growth of the economy is a moron.

The best way to defeat the Krugmans of the world is too simply point out and say to a person, “Do you know how to spend your own money better than a bureaucrat, knowing all the fraud, waste, abuse, and corruption of the government?”

Are you really so much dumber than a liberal bureaucrat that you don’t know how to spend your own money?

Do you really believe that people and businesses who have spent their wholes lives making money are less capable of spending money than a government that is $15 trillion in debt?

That is how you defeat the stupidity of Keynesians.


9 posted on 02/24/2012 9:15:04 AM PST by radpolis (Liberals: You will never find a more wretched hive of scum and villainy)
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To: SeekAndFind

Well, at least we can be sure that he isn’t a secret Kenyan.


10 posted on 02/24/2012 12:19:49 PM PST by LegendHasIt
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