Krugman declares that is it conservative economic policies that will turn the United States into Greece.
Paul Krugman’s blog has been an essential source of smart analysis on the Greek economy as the tension increases with German leaders and the European Union.
“It’s now clear, or should be clear, that the Greek program was doomed to failure without major debt relief; no matter how hard the Greeks tried, austerity would shrink GDP faster than it reduced debt relative to the baseline,” he writes.
But a new post also ties what’s happening in Greece — what he’s dubbed the Eurodebacle — back to America, and debunks all the GOP talking points in the process.
He writes:
(T)here’s a broader lesson from Greece that is relevant to all of us — and it’s not the usual one about mending our free-spending ways lest we become Greece, Greece I tell you. What we learn, instead, is that fiscal austerity plus hard money is a deeply toxic mix. The fiscal austerity depresses the economy, and pushes it toward deflation; if it’s accompanied by hard money (in Greece’s case the euro, but a fixed exchange rate, a gold standard, or any kind of obsessive fear of inflation would do the trick), the result is not just a depression and deflation, but quite likely a failure even to reduce the debt ratio.
Krugman doesn’t even mention the huge state transfer of income from workers to retirees or that avoiding taxes is a national sport in Greece.
But hey, we are doing SO well, here, why let fuddy-duddy “live within your means” Conservatives harsh your mellow? Stay calm and let Uncle Sam take care you.
We are all Julia, now.
Isn’t Krugman the guy who thinks the problem with Keynes and his disciples, like Galbraith, is there like of ambition and appetite?
Mister, we could use a man like
Herbert HooverRobert Mugabe again!The first progressives (a la Condorcet) would no more have considered turning Francis Bacon’s great project around on itself to retreat into conditions of scarcity than they would have sold their own mothers into slavery, but we must leave it to the modern generation of progressives to have discovered how good enslavement can be for mothers.
Krugman really has no respect for his readers does he.
I think a PT Barnum comparison is more appropriate (assuming “sucker” line is not apocryphal).
The theory is correct. Facts are in error.
i’m not julia you’re julia
me i’m a freedom ninja
I fancy myself an Orange Julius.
I’ve never understood someone who could look at the problem of the government spending too much money, and say:
“The way to fix this is for the government to spend even more money!”
It’s ‘cuz you don’t know how to
usemanipulate the words.Here, let me help: “The way to fix this is for the government to
spendinvest even more money [in jobs! in clean energy! In education! in healthcare! in immigration! in America!!”I think that whenever a government representative talks about ‘investing’ taxpayer money, we should be permitted to beat them with a stick.
I’m ambivalent as to whether there should be limits on the size of the stick.
After, Parker, we tar and feather the bastard.
I’m told the ‘tar’ of the tarring and feathering era was not hot, but just very sticky – so the punishment was more of a humiliation than a physical torture.
That being so, I’m in.
Not I. There should be a limit and it should be thus: “The stick shall not exceed the maximum size and heft which the user may wield to greatest effect.”
I suspect old school tar had to be somewhat warm in order to pour it onto those in need of humility. Given today’s advances in chemical engineering, I now suspect that some form of low temp viscous tar is available. Unfortunately, what is not readily available are those with the will to apply said tar/humility lesson.
Maybe Slurpee syrup and Cheeto crumbs.
Molasses and hungry fire ants.
It’s nice to know that I can always come here and hang around with fellow Tarring & Feathering fans.
Seagulls like Cheetos.