Skip to comments.Paul Krugman: The President Surrenders
Posted on 07/31/2011 9:25:53 PM PDT by 2ndDivisionVet
A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong.
For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make Americas long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.
Start with the economics. We currently have a deeply depressed economy. We will almost certainly continue to have a depressed economy all through next year. And we will probably have a depressed economy through 2013 as well, if not beyond.
The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further. Pay no attention to those who invoke the confidence fairy, claiming that tough action on the budget will reassure businesses and consumers, leading them to spend more. It doesnt work that way, a fact confirmed by many studies of the historical record.
Indeed, slashing spending while the economy is depressed wont even help the budget situation much, and might well make it worse.....
(Excerpt) Read more at nytimes.com ...
I couldn’t do enough drugs to believe what the Enron Shill says.
it’s a sham designed to get the u.s. congress to vote for the deal.
I was thinking just the opposite. I wonder if a lot of dems won’t not vote against it. If they do and we go past Aug 2 the press will cover for them.
“The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further”
Where has it worked, Douche?
who cares what this morally corrupted vile little man says or thinks ? Send him to Afghanistan and have him help find IED’s on village pathways Helmand . Smug lil POS
The most interesting part of the article is what Krugman did not assert. He never stated, as far as I can tell, that there should have been a tax increase. Also, boy genius stated that now is not the time to cut spending because we are in a poor economy, AND he stated that this bill does not solve our debt problem.
He should crack open a book on economics, not open an economic crack book.
Well if Krugman doesn’t like it there might be some good stuff in it?
It’s worked in a drug - induced hallucination. That’s good enough for a liberal/s;)
wow, this column is evidence that there is no amount of brain destructive drug abuse that is an absolute disqualification to receiving a Nobel Prize!
tub o' goo
“We currently have a deeply depressed economy.”
Wait, what about all those unexpected greenshoots popping up everywhere during recovery Summer, Fall, Winter, Spring, Summer?
“Is he obtuse or insane? “
Nope, standard operating procedure when they sucker the Republican leadership. See how the Dems actually VOTE on this agreement...then you’ll see what I mean.
Notice the last couple of sentences? Usually the last few sentences are the windup to the message and the last thing you carry with you about the point of the article.
However, Krugman chose to end it with an attack on our whole political system. Trying to point out an imperfection, it’s not working, it needs to be changed. Communism, anybody?
This is a pattern I’ve seen in several proggie articles lately. They rant and rail and then end up with the ‘we have a flawed government system’ KRAP. And the many will believe it. Even though it worked just fine while the proggie commies spent $6 TRILLION in the last four years.
I'm pretty sure Krugman is talking about what happened when the fed stopped pumping dollars to Captain Hook.
Exactly. Krugman is one of the few morons left on the planet who believes Keynesian economics works. He and lot of other morons knew that America was their last hope. If they couldn’t make Keynes work here, it will never work anywhere.
Socialists aren’t known for their looks, but Krugman has the appearance of a rabid squirrel.
If you look at his face, his eyes, he looks like a rodent or raccoon that’s been munching on industrial waste.
Does this mean I “hate” him? Well, I don’t hate rodents, and I don’t hate raccoons, so I guess I don’t hate their human version (Krugman) either.
But I don’t take economic advice from squirrels.
he’s a nobel prize winning economist,
who sold his soul...
Just like Hansen of NASA.
I wonder if Mr. Krugman has ever Googled the search terms “Warren Harding” and “depression 1920-1921” at any time?
He must not have listened to Wavy about the brown acid.
And if we were actually 'slashing' anything, we might have something to talk about.
No as we say in the South He’s ignernt.
“Congressman Emanuel Cleaver: If I were a Republican I would be having a party”
Glancing quickly at several dem boards they are crying just as loudly as some here. Mirror images.
We were sold out, traitor, DINO, weakling, blah blah blah
My favorite DU topic — “F-—K Progressives. Screw Liberals. The message is that we are officially irrelevant”
Obama and the rest of the Conservadems have officially enshrined the GOP Teabagger Agenda in stone. And they are doing it willingly and, I suspect happily. Liberalism is dead. At least within the template of the current Democratic Party.
Another board - “The Tea Party is kicking butt and Democrats are licking their boots. The Tea Party is running this country, and Obama has the worst negotiation skills in presidential history.”
“Something needs to happen to make the f-—ing Democrats understand that we’re more than the “lunatic left”. We’re tired of them selling us out every g-—amn time they make a “deal”.
And on and on. It’s a real meltdown.
If Krugman hate it, I like it. Just by definition.
NOTHING cannot be solved with a sufficient infusion of freshly printed thin-air money.
I’ve been out of the news loop on the debt discussion because we’ve been camping, but if Krugman is unhappy, things must be developing in a positive direction at least a little.
Thank God I hit the NY Times paywall.
Krugman and Friedman agree: that pesky constitution just gets in the way.
CHINA is the model! Dissenters? Bullet in the neck! Onward to victory, comrades!
“The President Surrenders”
I’ll get back with ya Mr. Krugman....after the rubber meets the road.
Sorry I have become such a cynic.
LOL, and agree.
It no longer matters. This country is over. It’s all going to crash.
A new president is too far off to do this nation a damn bit of good. We are going to be downgraded. We are going to fall into a full blown Depression.
THERE IS NO VICTORY TONIGHT. and theres not ever going to be one.
Obama with the democrats and the rest of those damn politicians have ruined our country.
I’ve had it folks. That bastard Obama has won. I don’t care how you cut it, the bastard has won. Sure, he may not win in 2012, but so what, the country is already lost.
Sorry, but my string has snapped... I have had it.
You have to keep up with that washed up drunk, Maureen Dowd.
I wonder if a lot of dems wont not vote against it.
This is a triple negative. Congratulations. lol
If the compromise consists of ‘cuts’ of $100-$300 billion a year then Krugman’s second sentence is correct. Everything else he says is crap. The nation is presently running deficits of $1,600 billion a year. With the proposed ‘cuts’ of the compromise that still leaves $1,300 to $1,500 billion added to the debt every year. Exponential math tells me we are fast approaching the event horizon.....
Here’s where I’d be if I had the funds to move:
It amazes me how obtuse you have to be to write for that rag..
He’s pretty lucky
Not too many jobs out there for professional shitheads.
Does it have to be either or?
How about both.
My FRiend, so would I.............. so would I.
The man is effin nuts.screw him and his friends, the whole lot of em.
There are 7,107 islands there, so I would think it’d be hard to generalize.
The cat, at least, looks intelligent. It would probably do a better job writing columns, too.
I think I made more sense after my stroke. Paul Krugman has sunk to another, illogical low.