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Krugman: The Dwindling Deficit
NY Times Op-Ed ^ | 1-17-2013 | Paul Krugman

Posted on 01/18/2013 4:51:24 AM PST by Sir Napsalot

It’s hard to turn on your TV or read an editorial page these days without encountering someone declaring, with an air of great seriousness, that excessive spending and the resulting budget deficit is our biggest problem. Such declarations are rarely accompanied by any argument about why we should believe this; it’s supposed to be part of what everyone knows.

This is, however, a case in which what everyone knows just ain’t so. The budget deficit isn’t our biggest problem, by a long shot. Furthermore, it’s a problem that is already, to a large degree, solved. The medium-term budget outlook isn’t great, but it’s not terrible either — and the long-term outlook gets much more attention than it should. ......

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


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS:
Normally I don't care to read the ravings of a lunatic.

But Krugman (1) has the same Nobel winner like Obama to his name, and (2) tapped by Obama to be the next Treasury Sec till Krugman turned it down.

Isn't that great? The deficit porblem is already, to a large degree, solved? So nice to have an expert to tell us that, so the ordinary people can go back to our day to day worries.

1 posted on 01/18/2013 4:51:27 AM PST by Sir Napsalot
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To: Sir Napsalot
I just don't get Krugman’s fantasy that an enormous government run deficit to produce the magic ‘economic recovery’ he's talking about.
2 posted on 01/18/2013 4:54:53 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

I don’t know why the ravings of this smug assclown as so annoying but if you need an economic compass, just add 180 degrees to whatever way this jerk is pointing.


3 posted on 01/18/2013 4:57:00 AM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: Sir Napsalot

Paul Krugman...the dwindling dweeb.


4 posted on 01/18/2013 4:57:39 AM PST by driftless2
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To: Sir Napsalot

Okay is this guy a comedian?
Is he serious about this?
Does he actually live in the real world and see that everyday people are unemployed, costs are rising, the Federal Government is 16 TRILLION dollars in the hole and adding a TRILLION to that every year?
Well some moron pays this idiot to write stupid crap so I guess he has no reason to care about real life...........


5 posted on 01/18/2013 4:57:56 AM PST by SECURE AMERICA (Where can I sign up for the American Revolution 2013 and the Crusades 2013?)
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To: Sir Napsalot

I refuse to give this clown traffic. Can anyone give a quick synopsis on what the **** he’s pulling out of his ample rectum?


6 posted on 01/18/2013 4:59:29 AM PST by 98ZJ USMC
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To: Sir Napsalot

(2) tapped by Obama to be the next Treasury Sec till Krugman turned it down.


Hadn’t heard that, but it does not surprise me. Its much harder to actually be responsible for making things actually work than simply running your mouth and spouting garbage.


7 posted on 01/18/2013 4:59:29 AM PST by rbg81
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To: Sir Napsalot

What a fool. We have trillion dollar deficits with virtually zero interest rates, once rates start to move up, interest cost will explode, then game over...


8 posted on 01/18/2013 4:59:57 AM PST by machman
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To: Sir Napsalot

Is he REALLY this stupid or is he just so full of S#!^ that his eyes are brown?


9 posted on 01/18/2013 5:00:10 AM PST by Feckless (I was trained by the US << This Tagline Censored by FR >> ain't that irOnic?)
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To: SECURE AMERICA

The elites never care about real life or average people. In socialism, some people are more equal than others. The Obamas and Krugmans of this world will always find a way to live handsomely at the expense of others.


10 posted on 01/18/2013 5:09:36 AM PST by Pining_4_TX (All those who were appointed to eternal life believed. Acts 13:48)
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To: Sir Napsalot

Nobel prize of liars, con-men and thieves.

Socialism Is Legal Plunder - Bastiat

http://www.usdebtclock.org

“Furthermore, it’s a problem that is already, to a large degree, solved.”

Linguine-spined, lexicon-looting, progressive plunderer. Let’s play hide the problem, loser.


11 posted on 01/18/2013 5:11:21 AM PST by PGalt
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To: Sir Napsalot

Krugman advising the deficit is essentially resolved is like a fireman telling people to stay in the burning building because the fire is burning itself out. Krugman is not right in the head, and neither is Obama. And I’m not making a joke. Sad, really. Obama’s insane spending based on faulty Keynesian prognostications is building a debt bomb that will blow the entire world economy into bits.


12 posted on 01/18/2013 5:16:16 AM PST by Montana_Sam (Truth lives.)
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To: 98ZJ USMC

(1) Spending cuts (passed in 2011) already saved us 1.5 T in the next decade, Pres Obama calls for additonal deficit reduction of 1.4 T over the next 10 years, so “the budget outlook for the next 10 years doesn’t look at all alarming”
===> Like I said, fantasy

(2) “Social Security. There was a case for paying down debt before the baby boomers began to retire, making it easier to pay full benefits later. But George W. Bush squandered the Clinton surplus on tax cuts and wars, and that window has closed.”
===> %&*$#& Still Bush’s fault. Totally ignored Pelosi

(3) “The point is that the case for urgent action now to reduce spending decades in the future is far weaker than conventional rhetoric might lead you to suspect. And, no, it’s nothing like the case for urgent action on climate change.”
====> Need I say more?


13 posted on 01/18/2013 5:17:50 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot
>>>> ====> Need I say more?

Actually I will say more.

Just like it was Bush's fault to squander our riches onto Wars and Tax Cuts instead of solving Soc Sec problem.

10 years from now in the midst of economic ruins, we will still hear Krugman lamenting it is all because we didn't do enough for the urgent crisis of “Climate Change”. If only we heed his expert advice, Armageddon could have been avoided.

14 posted on 01/18/2013 5:27:42 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

Comrade Krugman will say anything but his prayers.


15 posted on 01/18/2013 5:29:57 AM PST by Gay State Conservative (Red State Secession Is The Only Answer)
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To: Sir Napsalot
al-Krugman is delusional....

He should be writing about the dwindling credibility of the MSM...
.... all the sycophant "experts"" and pundits...etc

16 posted on 01/18/2013 5:30:20 AM PST by Wings-n-Wind (The main things are the plain things!)
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To: Sir Napsalot

“Furthermore, it’s a problem that is already, to a large degree, solved.”

I’m speechless......


17 posted on 01/18/2013 5:32:51 AM PST by V_TWIN (obama=where there's smoke, there's mirrors)
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To: Sir Napsalot

There is something seriously, seriously wrong with this demented moonbat. The fact that he shares a Nobel Peace Prize for economics with the likes of Milton Friedman is on par with Arafat’s award next to Gandi’s.


18 posted on 01/18/2013 5:33:09 AM PST 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: Sir Napsalot
(2) “Social Security. There was a case for paying down debt before the baby boomers began to retire, making it easier to pay full benefits later. But George W. Bush squandered the Clinton surplus on tax cuts and wars, and that window has closed.”

Ohhhhh, he means the Clinton surplus brought to us by accounting games played with....... Social Security. *head-------->desk* *muffled voice* "...and the problem was solved, how?"

(3) “The point is that the case for urgent action now to reduce spending decades in the future is far weaker than conventional rhetoric might lead you to suspect. And, no, it’s nothing like the case for urgent action on climate change.” ====> Need I say more?

No. I should have left my head on the desk. How does someone this ignorant get, ....wait.....Enron.

Never mind.
19 posted on 01/18/2013 5:37:23 AM PST by 98ZJ USMC
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To: SECURE AMERICA

The only explanation is he takes Keynes seriously on his “we owe it to ourselves” and “in the longrun we’ll all be dead” quips. Which makes him stupid, but nevertheless forthright.


20 posted on 01/18/2013 5:39:30 AM PST by Tublecane
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To: SECURE AMERICA

Krugman worships at the altar of John Maynard Keynes. He is a vociferous Keynesian. He wrote the following:

“The boom, not the slump, is the right time for austerity at the Treasury.” So declared John Maynard Keynes in 1937, even as F.D.R. was about to prove him right by trying to balance the budget too soon, sending the United States economy — which had been steadily recovering up to that point — into a severe recession. Slashing government spending in a depressed economy depresses the economy further; austerity should wait until a strong recovery is well under way.

He really believes this crap. And he is really really WRONG. The reason WHY economies have inflation, bubbles and busts and other failings is BECAUSE of government interference. Crony capitalism is the major contributor to a false and unrealistic economies that eventually and ALWAYS fail. And it is the fault of governments in the creation of crony capitalism.

There has been a very old war between the two schools: Hayak on the side of “free market” and Keynes on the side of “macroeconomics”.

As for me; I follow F.A. Hayak and believe that school of thought is the only workable school. Anything else will ALWAYS cause inflation, bubbles and busts.


21 posted on 01/18/2013 5:45:23 AM PST by ThomasMore (Islam is the Whore of Babylon!)
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To: Montana_Sam

I like your analogy.

In the end, we’ll all be dead, so why worry now!!??!!!!!


22 posted on 01/18/2013 5:47:03 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: SECURE AMERICA

“Okay is this guy a comedian?
Is he serious about this?”
We have a new salesman in the company. Twenty something with a degree from Nebraska. He loves to show how smart people are based on where they went to school and what degrees they have.
He always points to Krugman and the nobel (no, bull)piece prize.
(yes, I misspelled peace for you spell check nazi’s)
We have pointed out the idiocy of the democRATS to the kid, but he is in full kool-aid drink/guzzle mode. There is no reasoning with idiots.


23 posted on 01/18/2013 5:51:15 AM PST by 9422WMR (Life is not fair, just deal with it)
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To: All
If you really want to get your blood boiling, read another gem from NYTimes Op-Ed "Gun Reform for a Generation"

And this reader's quote as NYT Top Pick -

"Mary CO"

No one's right's should infringe on another's safety. It is not logical nor conscionable, nor could the framers have intended the conditions we face today.

The second amendment should be amended.

Jan. 16, 2013 at 3:56 p.m. Recommended: 197

Note: emphasis mine

24 posted on 01/18/2013 5:56:12 AM PST by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

Well, that is fantastic. I think we will go out and borrow our way out of debt today. We need several thousand dollars to buy a new car and pickup and everything will be fine.

This joker must be one of the people who hang out under 0 bummer’s desk and wear out heavy duty knee pads on a weekly basis. Krugman, wipe the droll off your chin.


25 posted on 01/18/2013 5:58:23 AM PST by Arrowhead1952 (0 bummer inherited a worse economy in 2012 than he did in 2008.)
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To: Sir Napsalot

Well, of course. Deficits are never a problem when democrats are president, only when republicans are president.


26 posted on 01/18/2013 6:11:30 AM PST by cotton1706
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To: ThomasMore

“As for me; I follow F.A. Hayak and believe that school of thought is the only workable school. Anything else will ALWAYS cause inflation, bubbles and busts.”

I completely agree. See http://www.youtube.com/watch?v=GTQnarzmTOc&feature=youtube_gdata_player

Very well done.


27 posted on 01/18/2013 6:21:38 AM PST by jdsteel (Give me freedom, not more government.)
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To: Sir Napsalot
The only jobs Obama is concerned about is his new IRS Enforcers!

Obama Jobs Council hits 1 year without official meeting

28 posted on 01/18/2013 6:34:47 AM PST by TexasCajun
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To: Sir Napsalot

No only is the deficit problem solved but we also had record wheat harvests last year.


29 posted on 01/18/2013 6:46:37 AM PST by circlecity
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To: Sir Napsalot

Krugman won a school spelling bee or something and that’s supposed to make him really smart. I would pay more attention to him if he wasn’t such a Democrat shill. Obama may prove the old saying, “It’s better to be lucky than good.” Even with all of his bungling in the energy business, our domestic oil production is going up. This will help our country in spite of Obama and not because of him. Lower fuel prices allow Americans to buy more stuff and buying stuff heats up the economy. Just like Clinton took credit for Reagan and Bush’s economy, Obama will take credit for an energy boom that he fought against.


30 posted on 01/18/2013 7:09:03 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: Sir Napsalot

Read this Paul...http://www.gop.com/news/research/obama-by-the-numbers-7/


31 posted on 01/18/2013 7:14:43 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret

I guess it would not be accurate to call Krugman a “bald-faced” liar since he sports the latest Che/Fidel facial hair augmented with the old-man close cropped disheveled gray hair look that he probably finds very attractive when he performs his morning toilet.

But such a load of leftist balderdash I have not read or heard since the last time Jay Carney opened his mouth.

I hope everyone understands now that we are really at war with these scoundrels and that there is no room for compromise. We must rise up and throw out Mitch and John. We must replace them with Lee Atwater types or we will never find that conservative soul the republican party so desparately needs.


32 posted on 01/18/2013 7:37:44 AM PST by sleepy_hollow
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To: sleepy_hollow

Here is some ammo they can use to disprove one Obama lie. From his own White House staff...http://news.investors.com/ibd-editorials-perspective/113012-635352-bush-tax-cuts-did-not-cause-deficits.htm?p=full


33 posted on 01/18/2013 7:48:49 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret

Did prescription drugs for seniors add to the deficit? Probably, but Obama bragged about expanding the program...http://www.hhs.gov/news/press/2012pres/09/20120921a.html


34 posted on 01/18/2013 7:54:00 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: Sir Napsalot
But George W. Bush squandered the Clinton surplus on tax cuts and wars

Oh please. If there was any "surplus" left after Clinton's terms in office, it was because the GOP Congress wouldn't let him spend as much money as he wanted. A budget "surplus" lasts only as long as the next fiscal cycle--it's not a tangible "savings" as long as there are outstanding liabilities; i.e, the public debt.

35 posted on 01/18/2013 7:56:04 AM PST by Lou L (Health "insurance" is NOT the same as health "care")
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To: Sir Napsalot

I really wish we’d let ‘em ‘run loose’ and let it burn, just to finally lay to rest this B.S.


36 posted on 01/18/2013 9:29:16 AM PST by i_robot73
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