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Krugman's Blind Faith
Investor's Business Daily ^ | 06/05/2012 | IBD Staff

Posted on 06/05/2012 5:17:41 AM PDT by IBD editorial writer

When does respect for an economic theory become fanaticism? For an answer, check out Paul Krugman's increasingly desperate attempts to defend Keynesian economics against its obvious failures. The New York Times columnist doesn't claim publicly to be a religious man, but he sure acts like it when it comes to his beloved John Maynard Keynes. Any evidence that Keynesianism doesn't work must be wiped away, even if it means conjuring up mythical numbers to do so. Case in point is Krugman's latest campaign to argue that President Obama has been an austerity-driven tightwad. At the same time, Krugman says President Reagan was a closet Keynesian.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Editorial; Government; Politics/Elections
KEYWORDS: keynes; krugman; obama; reagan

1 posted on 06/05/2012 5:17:50 AM PDT by IBD editorial writer
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To: IBD editorial writer

Insanity is doing the same thing over and over again and expecting different results. Krugman is clearly a lunatic. Since he is a public figure and has a bizarre influence on public policy, it would be appropriate for him to divulge just what medications are influencing his thoughts.


2 posted on 06/05/2012 5:22:43 AM PDT by allendale
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To: IBD editorial writer

Gov’t/Krugman’s (read: statists) understanding of Keynesian economics: “Government spends now, saves never.”


3 posted on 06/05/2012 5:24:07 AM PDT by taxcutisapayraise (Making Statism Unpopular)
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To: allendale
For a long time my tag-line was “Paul Krugman is always wrong”. The height of madness is that he received a Nobel Prize....just like Obama.
4 posted on 06/05/2012 5:26:11 AM PDT by jdsteel (Give me freedom, not more government.)
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To: IBD editorial writer

We have been getting one bad economic report after another on a daily basis. What will it take for these fools to stop defending the indefensible? Eventually, they are going to have to face the fact that their first black “president” well — no he couldn’t.


5 posted on 06/05/2012 5:27:53 AM PDT by jersey117
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To: IBD editorial writer

According to Krugman, the reason we are in this hole is because we did not dig it deep enough.


6 posted on 06/05/2012 5:28:16 AM PDT by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: IBD editorial writer

7 posted on 06/05/2012 5:31:56 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: IBD editorial writer; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; Gilbo_3; NFHale; ..
RE :”Case in point is Krugman’s latest campaign to argue that, despite an $830 billion stimulus and trillion-dollar-plus annual deficits, President Obama has been an austerity-driven tightwad. At the same time, Krugman says President Reagan — whose supply-side, free-market economic policies powered a huge recovery after the 1981-82 recession — was a closet Keynesian.
“If you actually look at the actual track record of government spending (and) government employment,” Krugman said this weekend, “Reagan is the Keynesian and Obama ... has been the anti-Keynesian.

The writer accepts the premise that Krugman believes the theories he preaches, that somehow (huge) temporary deficit based stimulus spending will jump-start the economy which will then sustain itself someday. I see no reason to believe he is serious when he repeats this.

His economic theories always align themselves with progressives economic social justice objectives, You run up huge debts getting voters addicted to government spending and eventually they will support taxes, especially progressive ones. He said the trick to national health care is to expand the entitlement and the rationing will come later because of budget contraints.

He is a Marxist dressed up as an expert economist by the liberal MSM, nothing more.

8 posted on 06/05/2012 5:31:56 AM PDT by sickoflibs (Romney is a liberal. Just watch him closely try to screw us.)
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To: IBD editorial writer

Krugman just makes stuff up.


9 posted on 06/05/2012 5:33:42 AM PDT by y6162
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To: jersey117
What will it take for these fools to stop defending the indefensible?
They'll never stop. I thought the same thing about liberalism back in the '70s-'80s-'90s.
No matter what it touched - education, finance, politics, personal responsibility, crime, etc., it FAILed.
I kept thinking ... now they'll finally see the error of their ways. Wrong.
That's how you know Liberalism is a mental disease.
10 posted on 06/05/2012 5:39:22 AM PDT by oh8eleven (RVN '67-'68)
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To: IBD editorial writer

Blind Faith?

Try economic ignoramus and socialist-loving political hack...


11 posted on 06/05/2012 5:59:35 AM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: allendale
"Insanity is doing the same thing over and over again and expecting different results."

That phrase is absurd.

Is someone who plays a Big 4 lottery number, say, 1234, over and over again INSANE?

Is someone who prays the "Our Father" every evening before bed INSANE?

I could go on ...

12 posted on 06/05/2012 6:01:19 AM PDT by eCSMaster (Conservative patriots, Rise up!)
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To: IBD editorial writer

Krugman clings tenaciously to leftist dogma regardless of how economically destructive it is: the ends of social redistribution of wealth justify the means of tortured reason and academic Doublethink.


13 posted on 06/05/2012 6:22:30 AM PDT by Spok
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To: N. Theknow
According to Krugman, the reason we are in this hole is because we did not dig it deep enough.

Day in and day out you cannot find another commentator on things political and economic that is more consistently wrong than Krugman. He has a nearly 100% wrong rating. He's the "Best", without peer.

14 posted on 06/05/2012 6:22:55 AM PDT by InterceptPoint (TIN)
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To: eCSMaster

“Is someone who plays a Big 4 lottery number, say, 1234, over and over again INSANE?”

from Adam Smith, The Wealth of Nations, p. 108:

“There is not a more certain proposition ... than that the more [lottery] tickets you adventure upon, the more likely you are to be a loser. Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer you approach to this certainty.”

Of course, playing the same number isn’t what is insane; it’s playing the lottery over and over that’s nutty.


15 posted on 06/05/2012 7:15:36 AM PDT by riverdawg
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To: IBD editorial writer
There was a reason that the Brits had the extreme punishment of ‘Hanging, Drawing and Quartering.’

It Punished
It Killed, with no chance of resurrection
It acted as a Warning to others.

Krugman! Step forward.

16 posted on 06/05/2012 7:53:47 AM PDT by I am Richard Brandon
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To: IBD editorial writer
There are few scientific results more useful or more uniformly covered than Newton's Laws of Motion. These are still taught to the vast majority of Americans, because they are both fundamental and useful. Yet, on November 6, 1919, when Sir Frank Watson Dyson reported to a joint meeting of the Royal Society and the Royal Astronomical Society concerning "A Determination of the Deflection of Light by the Sun’s Gravitational Field, from Observations Made at the Total Eclipse of May 29, 1919", scientists seriously reconsidered the accuracy of Newton's Laws. They eventually accepted Einstein's theory of General Relativity, which had been supported by the measurements during that eclipse and was confirmed with increasing accuracy by later measurements through the 1970s. That's how real scientists and other real thinkers react to information that does not match the theory. We still teach Newton's Laws, because they are useful in many situations, but educated Americans know better.

Global Warming "scientists" and Keynesian economists have a different approach:


17 posted on 06/05/2012 7:54:21 AM PDT by Pollster1 (A boy becomes a man when a man is needed - John Steinbeck)
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To: sickoflibs; IBD editorial writer; stephenjohnbanker; DoughtyOne; Gilbo_3; NFHale
The writer accepts the premise that Krugman believes the theories he preaches, that somehow (huge) temporary deficit based stimulus spending will jump-start the economy which will then sustain itself someday. I see no reason to believe he is serious when he repeats this.

His economic theories always align themselves with progressives economic social justice objectives, You run up huge debts getting voters addicted to government spending and eventually they will support taxes, especially progressive ones. He said the trick to national health care is to expand the entitlement and the rationing will come later because of budget contraints.

He is a Marxist dressed up as an expert economist by the liberal MSM, nothing more.

Well said. Compared to "Economic justice," the truth shrinks to insignificance. Krugman, in his own way, feels just as morally justified as the jihadists. The ends justify the means.

18 posted on 06/05/2012 8:13:53 AM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: ding_dong_daddy_from_dumas

The only way excessive government spending for stimulus could be productive, would be to hand those funds out to private sector SB oriented individuals, who could start up new businesses.

Those businesses providing goods or services, could be self-sustaining and last indefinitely.

Instead the government burns off funds on special projects, then wonders why those jobs don’t continue on as the funds run out.

Actually, that is the true goal of the Leftists. They want to spend us into oblivion, so they can pick up the pieces after the fall, blaming the whole think on capitalists, when no true capitalism is being utilized to further their goals.

Krugman is either an idiot, or a dedicated Leftist. Okay, it’s likely he’s both.


19 posted on 06/05/2012 8:22:46 AM PDT by DoughtyOne (Republicanism: Y1 Rant Y2 Rant Y3 Rant Y4, Oh nevermind, vote for him anyway. Rinse & Repeat!)
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To: sickoflibs

I think you hit the nail on the head.


20 posted on 06/05/2012 8:37:15 AM PDT by RightWingNilla
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To: DoughtyOne
The only way excessive government spending for stimulus could be productive, would be to hand those funds out to private sector SB oriented individuals, who could start up new businesses.

Unfortunately, even if a smart, ethical administration were to adopt such a policy, it would very likely be abused in a future administration. I would be much happier if govt. stayed out of it as much as possible.

21 posted on 06/05/2012 9:43:49 AM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: ding_dong_daddy_from_dumas

I totally agree. The government has no authority whatsoever to do such things. My comments were intended to be academic, and not an endorsement.

Reduce taxes
Reduce regulations
Get out of the way


22 posted on 06/05/2012 10:02:57 AM PDT by DoughtyOne (Republicanism: Y1 Rant Y2 Rant Y3 Rant Y4, Oh nevermind, vote for him anyway. Rinse & Repeat!)
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To: sickoflibs; IBD editorial writer; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; ...

” He is a Marxist dressed up as an expert economist by the liberal MSM, nothing more. “

About time somebody said it.....good on ya, SOL.


23 posted on 06/05/2012 10:57:02 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: DoughtyOne; sickoflibs; IBD editorial writer; stephenjohnbanker; Gilbo_3; NFHale; ...

” Actually, that is the true goal of the Leftists. They want to spend us into oblivion, so they can pick up the pieces after the fall, blaming the whole think on capitalists, when no true capitalism is being utilized to further their goals.”

And they are doing this right in our faces. Nobody will report it, as they know.


24 posted on 06/05/2012 11:00:33 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker

Agreed.


25 posted on 06/05/2012 11:03:27 AM PDT by DoughtyOne (Republicanism: Y1 Rant Y2 Rant Y3 Rant Y4, Oh nevermind, vote for him anyway. Rinse & Repeat!)
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To: stephenjohnbanker; sickoflibs; IBD editorial writer; ding_dong_daddy_from_dumas; DoughtyOne

Krugman puts the “douche” in douchebag...


26 posted on 06/05/2012 11:04:50 AM PDT by NFHale (The Second Amendment - By Any Means Necessary.)
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To: NFHale

LOL


27 posted on 06/05/2012 11:20:00 AM PDT by DoughtyOne (Republicanism: Y1 Rant Y2 Rant Y3 Rant Y4, Oh nevermind, vote for him anyway. Rinse & Repeat!)
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To: NFHale

” Krugman puts the “douche” in douchebag...”

At least..


28 posted on 06/05/2012 11:29:01 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: DoughtyOne; ding_dong_daddy_from_dumas; stephenjohnbanker; Gilbo_3; NFHale; Impy
RE :”Actually, that is the true goal of the Leftists. They want to spend us into oblivion, so they can pick up the pieces after the fall, blaming the whole think on capitalists, when no true capitalism is being utilized to further their goals.

Running up deficits to achieve social-objectives helps them to get the voters support for progressive taxes. You can see how Obama uses it now. Poll test the question:” Which is a BETTER way of cutting the deficit, cut your medicare and social security or raise taxes on those who earn much more than you do?

So you always want to get the voters used to the 'free' stuff before you raises taxes to pay for them, then later you can declare a fiscal crisis to 'save the country'. That is how Maryland is run,.

29 posted on 06/05/2012 1:12:05 PM PDT by sickoflibs (Romney is a liberal. Just watch him closely try to screw us.)
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To: sickoflibs

” Running up deficits to achieve social-objectives helps them to get the voters support for progressive taxes. You can see how Obama uses it now. Poll test the question:” Which is a BETTER way of cutting the deficit, cut your medicare and social security or raise taxes on those who earn much more than you do? ”

So you always want to get the voters used to the ‘free’ stuff before you raises taxes to pay for them, then later you can declare a fiscal crisis to ‘save the country’. That is how Maryland is run,. “

Maryland is the best argument for moving to Florida.


30 posted on 06/05/2012 1:21:22 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: riverdawg

I didn’t say playing the lottery is smart. But it certainly isn’t INSANE.


31 posted on 06/05/2012 1:22:52 PM PDT by eCSMaster (Conservative patriots, Rise up!)
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To: stephenjohnbanker
RE :”Maryland is the best argument for moving to Florida.

Unless you are gay.

32 posted on 06/05/2012 1:29:28 PM PDT by sickoflibs (Romney is a liberal. Just watch him closely try to screw us.)
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To: sickoflibs

Yes, I agree with you there.

All these Lefties think they’re going to get free this, free that. Some of them work. Wait until they see how expensive free stuff is, when it comes to withholding.


33 posted on 06/05/2012 2:44:32 PM PDT by DoughtyOne (Republicanism: Y1 Rant Y2 Rant Y3 Rant Y4, Oh nevermind, vote for him anyway. Rinse & Repeat!)
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