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 America’s 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 doesn’t work that way, a fact confirmed by many studies of the historical record.
Indeed, slashing spending while the economy is depressed won’t even help the budget situation much, and might well make it worse.....
(Excerpt) Read more at nytimes.com ...
The New York Times is like an alternate universe its Bizzaro over there. Krugman has to be insane but the posters are worse.
I'm going to take a shower now and then get drunk with the hope that I forget reading that garbage.
You can do a word search through all the paranoid-lib columns today and not find the word compromise. Wasn’t that the buzzword last week?
Wasn’t the buzzword balanced or revenue? As in more taxes?
The good news is that Krugman will demoralize Obama’s base with this crap...they listen to him like some kind of libby sage, and a demoralized left is a good thing for everyone.
...how many Lucky Charms box tops did he have to send in to get his degree?
His brain pan done sprung a big leak.
Let’s see....won’t not vote against it....
....won’t to not vote against it...
....won’t not to vote against it....
....won’t want to not vote against it....
....won’t want not to vote against it....
They’ll do one of them. In fact, one of these is probably how it will appear on the ballot.
He is on a first name basis with Fonzie... jumped the shark!!!!
So you AGREE this is the Obama Depression, yes? I mean your kind were telling everyone a year ago that the Bush Recession was over, yes?
“I wonder if a lot of dems won’t not vote against it.”
According to a post at Hot Air even if all 75 of the “progressive caucus” in the house votes no that leaves 120 dems, so I can only imagine they’ll be able to round up the votes, at least in the house.
One Nobelist pans another Nobelist. May he be right for the wrong reasons.
I does not looks like you show enough respect to the NY Times leading columnist. Meanwhile he was rewarded — for these his columns - by the Nobel Prize.
Al Gore got the Nobel Prize for his speeches about the Global Warming and Paul Krugman for his columns concerning the politics & economics.
Both of them should be treated with respect and appreciation for their “valuable contribution” to science, politics and economics.
If that's the case then why include 'palin 2012...period" in your posts? BTW, should I cancel my plans for a couple of weeks on Cape Cod in September? According to you it probably won't be there. Time for you to climb down off the roof.
“slashing spending won’t work”..... err... what about all the cases that prove the opposite, mr.krugman?
the Phillipines has its disadvantages — but it is cheap and live is easy. You don’t drink the water from the tap — you buy bottled water or invest in a water purification system (cheap to moderately priced for the top end).
The 64 thousand dollar Question Now Is,Well so, you have an Agreement,What the Hell Did you Fix?
Obamacare? Inflation? Housing crisis, Unemployment? Thats what I thought ,NOTHING
Tsk,Tsk,Tsk, You really are very emotional Now Arent you!
I love watching Paul Krugman and the Nobel Committee piss against the winds of History.
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