Paul Krugman’s recent post makes some good points about the myth of the undeserving poor. But does he have a nervous tic? When criticizing conservative economic views, doesn’t he always seem to genuflect slightly to conservative opinion in order to … Continue reading →
Our deficit hysterians love to raise the specter of China. Supposedly Uncle Sam is at the mercy of the Chinese, who have a stranglehold on the supply of dollars necessary to keep the US government above water. If the Chinese suddenly decided to stop lending those scare dollars, Uncle Sam would be forced to default.
Last week, the President toured California to trumpet his Patient Protection and Affordable Care Act (Obamacare) as reform that delivered on broadening the health insurance market, giving more options to individual consumers, and lowering the cost of insurance. My healthcare provider, Aetna, whose Open Access Plan is top-rated by U.S. News & World Report and […]
The proliferation of Internet connections over the last twenty years caused massive societal changes. Developing slowly from the 1950s as closed networks of military and academic computers were electronically wired to transfer data, free tools for accessing the Internet became publicly available in 1993. This disruptive technology had profound effects on globalized commerce, signaling a…
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. When it comes to spending or saving, it’s always a contentious debate. But the risks are rarely as high as they are now for the U.S. and most major industrial nations. Such fundamental economic decisions will move a…
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. As the top Keynesian gadfly, Paul Krugman’s recent attack on Margaret Thatcher wasn’t very surprising. In a blog post on the very day she passed, he questioned whether or not Margaret Thatcher had actually made any difference to…
Nobel Prize-winning economist and New York Times columnist Dr. Paul Krugman is at it again.
A favorite of the Keynesian crowd, he claimed earlier this week that fixing the deficit is important but added that “doing it now would be disastrous.” He also observed that the 10-year U.S. debt situation isn’t really all that bad.
At least he’s consistent. I’ll give him that.
For five years now Dr. Krugman has argued that increasing U.S. government spending is vital to our nation’s recovery. And for five years he’s been dead wrong.
Since this crisis began, the United States has spent trillions…more money than any nation in history. In the process, it’s gone from being the world’s biggest creditor to the biggest debtor of all time.
In fact, our national debt is now so high that people literally can’t count the zeros. So most have thrown up their hands in exasperation and given up trying.
Now, to be perfectly clear, I don’t believe Dr. Krugman is stupid. Far from it – you don’t win Nobel Prizes for being an idiot. However, I do believe that he’s trapped in the past–an acolyte of sorts to failed economic policies and doctrine that dates to the 1930s.
Some people, like University of Chicago Finance Professor John H. Cochrane, are more pointed, noting that if Krugman were a scientist, he’d be akin to a “flat-earther,” an “AIDS-HIV disbeliever” or somebody who believes the continents don’t actually move.
This makes him very dangerous in the scheme of things because Dr. Krugman’s solution is that “we” just haven’t spent enough money…yet.
I don’t know how he can make that argument with a straight face.
Once upon a time (today), in a land not so far away (USA), there lived a trio of economic wizards (economists), whose names shall remain anonymous (Paul Krugman, Greg Mankiw, Ben Bernanke). A fourth wizard, Murry Rothbard, is no longer among the living but resides in the netherworld. The above wizards seldom agree with each…
The Merkel Myths that are Devastating Europe
By William K. Black (Cross posted from Benzinga.com) German Chancellor Merkel wishes to stamp out any belief that there is a “magic bullet” to deal with the renewed euro zone crisis.
RealClearPoliticsBen Has a Job to Do, and So Does PaulWall Street PitBy Scott Sumner Apr 29, 2012, 10:42 AM Author's Website It's worth reading the entirety of this response from the Federal Reserve chairman, Ben S. Bernanke, to a question I ra…