Posted on 01/29/2010 5:38:43 AM PST by blam
Krugman: America Is In Serious Trouble And Our Government Is Too Wimpy And Incompetent To Do Anything About It
Henry Blodget
Jan. 29, 2010, 6:09 AM
Paul Krugman trashes the "deficit peacocks" like President Obama who pretend to care about the mountain of debt we're building up without actually doing anything about it.
The LAST thing we want to do right now, Krugman says, is cut spending, because it's the only thing keeping us out of depression. But we do need a plan to increase spending now and cut it sharply later...and that's what our government is incapable of providing.
From the NYT:
The nature of America’s troubles is easy to state. We’re in the aftermath of a severe financial crisis, which has led to mass job destruction. The only thing that’s keeping us from sliding into a second Great Depression is deficit spending. And right now we need more of that deficit spending because millions of American lives are being blighted by high unemployment, and the government should be doing everything it can to bring unemployment down.
In the long run, however, even the U.S. government has to pay its way. And the long-run budget outlook was dire even before the recent surge in the deficit, mainly because of inexorably rising health care costs. Looking ahead, we’re going to have to find a way to run smaller, not larger, deficits.
[snip]
(Excerpt) Read more at businessinsider.com ...
This is what liberals see as logical!!!!
This is what liberals see as logical!!!!
Hey Krugman, the incompentent government you speak of is controlled by the party that you support. Go fxxx yourself NAZI.
Hey Krugman, the incompentent government you speak of is controlled by the party that you support. Go fxxx yourself NAZI.
The answer is right in front of Krugman in that statement. From the statement he wants government to "do something about it", that's been the problem all along - government doing things.
"Government needs to quit meddling in affairs where they do not belong and problems would start to fix themselves.
remember all those idiot NYT polls in 2008 where voters decided to vote democrat because they thought democrats had “better ideas to fix the economy?”
It's Paul Krugman’s economy, coming to fruition. HE OWNS THE RESULTS.
Paul, my lad, you've been preaching and wet dreaming about a govt-run economy for the past decade...or more. As they say, be careful what you wish for, you might get it.
btt
Krugman won a nobel prize. This guy has degrees from (a) “prestigious” school(s). He teaches at a “prestigious” school.
Krugman is a total idiot and he proposes what is sending us deeper into a depression.
That right there should scare you away from making appeals to authority in your arguments.
But hey, GDP is up by 5.6% supposedly. (How much is attributable to government spending? To what will that be revised down in the future?) I bet the stock market soars! You know when the stock market soars, all is well in the world! It’s not just a government sponsored and run gambling game, it IS capitalism.
Don't worry, Obama says he's going to reduce the costs -- by bringing about 10 million additional people into the system and giving them free health care.
Japan's Lost Decade: Origins, Consequences and Prospects for Recovery by Gary Saxonhouse and Robert Stern
Paul Krugman, the guy who at one time was a paid shill for...ENRON! Yeah, I’m going to listen to Paul Krugman. Pffft...
Excerpts from “Government”...
The new Government is no less embarrassed than the former one, for it soon finds that it is much more easy to promise than to perform. It tries to gain time, for this is necessary for maturing its vast projects. At first, it makes a few timid attempts. On one hand it institutes a little elementary instruction; on the other, it makes a little reduction in some taxes.
These two promises are for ever clashing with each other; it cannot be otherwise. To live upon credit, which is the same as exhausting the future, is certainly a present means of reconciling them: an attempt is made to do a little good now, at the expense of a great deal of harm in future. But such proceedings call forth the spectre of bankruptcy, which puts an end to credit. What is to be done then? Why, then, the new Government takes a bold step; it unites all its forces in order to maintain itself; it smothers opinion, has recourse to arbitrary measures, ridicules its former maxims, declares that it is impossible to conduct the administration except at the risk of being unpopular; in short, it proclaims itself governmental. And it is here that other candidates for popularity are waiting for it. They exhibit the same illusion, pass by the same way, obtain the same success, and are soon swallowed up in the same gulf.
You see that the gentle hand of Government - that good hand which gives and distributes, will be very busy under the government of the reformers. You think, perhaps, that it will be the same with the rough hand - that hand which dives into our pockets. Do not deceive yourselves. The aspirants after popularity would not know their trade, if they had not the art, when they show the gentle hand, to conceal the rough one. Their reign will assuredly be the jubilee of the taxpayers.
Frederic Bastiat 1801-1850
Krugman, you’re a con-man...just like El Presidente.
Do the exact opposite Krugman advises
Krugman has gone on record by saying that trillions of more dollars of debt (debt that no one will buy) will save the economy. But he is another sleezebag like Obama/democrats that when it produces disaster, he will claim it is someone else's fault.
Obama knows the federal government can't borrow that type of money, no one will lend it to them. What Krugman fails to say is he wants the Federal Reserve to create it so the government can give it away.
What is amazing is that liberal crackpots like this are considered 'award winning' professional economists.
Japan followed Krugman's theory of "Spend-spend-spend" during the 1990s. They are still trying to recover from the consequences and are much much closer to defaulting on their debt then we are here in the US.
Reagan did the exact opposite of Krugman's theory and created the longest peace time expansion of the US economy in History.
Krugman is proof there is no fool like an old fool.
“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.”
“The Law” - Frederic Bastiat 1801-1850
Krugman, you’re a con-man...just like El Presidente.
Rewritten headline for accuracy.
“Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion—when you see that in order to produce, you need to obtain permission from men who produce nothing—when you see that money is flowing to those who deal, not in goods, but in favors—when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you—when you see corruption being rewarded and honesty becoming a self-sacrifice—you may know that your society is doomed.”
Ayn Rand
Krugman, you’re a con-man...just like El Presidente.
Right. I just lost my job this week so I am shopping for a new car and some consumer goods to keep from floundering. Great plan.
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