Posted on 04/08/2012 1:41:32 PM PDT by richardb72
Their refutation makes for fascinating and sometimes humorous reading. Consider, for example, the prediction Krugman made the day Obama signed the original stimulus bill into law: “I am still guessing that we peak out at around 9% [unemployment] and that would be late this year [2009]." Furthermore, Krugman declared that double-digit unemployment was “not the most likely event.” As Norquist and Lott note, unemployment hit 10.1% and remained above 9% two years after Krugman predicted it would peak.
Once it became clear that President Obama’s stimulus plan had failed to ignite the economic recovery he promised, Krugman and others began scrambling for excuses to explain why Obama’s spending spree hadn’t worked. One explanation Krugman offered was that right-wingers had erroneously claimed government spending had increased when it hadn’t . . .
(Excerpt) Read more at breitbart.com ...
Your post made my day! :-)
Last week Krugman was touting how the US needs to be more like the EU.
The EU has the highest unemloyemt rates their nations have seen in over 15 years.
http://www.reuters.com/article/2012/04/02/us-eurozone-unemployment-idUSBRE8310CQ20120402
ECONOMICS
The science of explaining tomorrow why the predictions you made yesterday didn’t come true today.
Keynesian libtards suffer from a compartmentalized imbecility where they believe that their social justice and welfare state schemes financed by increased government spending, huge budget deficits, and huge national debts will benefit the postmodern neoproletariat without having to pay any cost.They do not realize that they are an assault on saving,freedom,future generations, and overall economic progress and prosperity.
Unfortunately, about 1% of the population actually knows who John Maynard Keynes is.
The rest of them think Lord Obama got de mon-ay, and he gonna get to them. So they vote for the imbeciles.
It's more like weaponized imbecility.
“ECONOMICS
The science of explaining tomorrow why the predictions you made yesterday didn’t come true today.”
I disagree. Economics is the alchemy of Finance.
I personally know a person who is a fanboy of JK Galbraith and Keynes. I should also add that this individual teaches heastory at the university level and is a die-hard true believer in the idea that the New Deal worked.
heastory = history.
Damn those typos. Damn them all.
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