NYT Columnist Paul Krugman, Charming and Modest: 'I Have Been Right About Everything'
The Rachel Maddow show on MSNBC Monday night featured New York Times columnist Paul Krugman. During the supportive chat, Keynesian Krugman again asserted that more federal spending would have headed off what he calls our current Depression:
The right comparison is if we had normal job growth in the public sector, which is roughly with population. So, which is what happened more or less under President George W. Bush....So this would not be a Depression if we hadn't had those big public sector cuts. It would still be an economy that was underperforming, but it wouldn't be anything like the disaster that we're still experiencing....And if we had a federal revenue sharing program, which we did not have a beginning of the Recovery Act, which President Obama proposed (?) last fall, then you can do that. So if we had, I've been saying $300 billion a year but you know we can negotiate numbers here. If the federal government were to provide that money, then those schoolteachers would be rehired with and we would be out of this Depression.
But to see Krugman in full smug mode, one had to check out his blog at nytimes.com. His Monday afternoon blog post could have easily passed for a parody of Krugman's pomposity.
We’re coming up on the second anniversary of my piece "Myths of Austerity," in which I tried to knock down the simply insane conventional wisdom then gelling among Very Serious People. Intellectually it was, I think I can say without false modesty, a huge win; I (and those of like mind) have been right about everything.
But I had no success in deflecting the terrible wrong turn in policy. Moreover, as far as I can tell none of the people responsible for that wrong turn has paid any price, not even in reputation; they’re still regarded as Very Serious, treated with great deference. And the political tendency behind that terrible economic analysis has at least a 50% chance of triumphing in America.
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Comments
Economics Dimwit
Submitted by HardRightTurn on Thu, 06/21/2012 - 1:46pm.
This one singular person has given me the most reason to distain the Nobel Prize for Economics above all others. What a buffoon.
To more fully comprehend the Left, one must read “Leftism As Psychopathy” by John Ray, M.A., Ph.D. Caution, it might scare you a little bit.
http://jonjayray.tripod.com/psycho.html
Former Enron advisor Paul-bo Krugman?
Submitted by frank14 on Thu, 06/21/2012 - 3:34pm.
How he can show his face in public is beyond me.
Krugman
Submitted by HudsonRiverGirl on Fri, 06/22/2012 - 6:35am.
Dear Paul,
Seek help!
PK makes me sick.
Submitted by tvhall on Fri, 06/22/2012 - 12:28am.
Our town has a good right leaning news paper yet they still publish PK.
PK makes me sick everytime I read him. Someone should stick a sock in his mouth and mangle his typing/writing hand.
The Simple Truth
Submitted by John21 on Thu, 06/21/2012 - 1:49pm.
The Simple truth is with an ego so large and a mental capacity so small it is the only thing he can say.
He will never admit how much of a failure his ideas and advise have been and how little credability he has even in the economic community, but it is a joy to watch his clown act.
Well, Paul... You're wrong!
Submitted by CobraMan on Thu, 06/21/2012 - 2:06pm.
"I think I can say without false modesty, a huge win; I (and those of like mind) have been right about everything."
Well, Paul, you're wrong about that. Austerity was our country's guiding principle for the first 150 years of our existence, and it didn't seem to cause a lot of problems, nationally. For 150 years, this country experienced nearly continuous economic growth. Sure, there were local disruptions of the economy for time to time, but they stayed local, and were short-lived. Nationally, the economy kept expanding. It was only when we dropped that principle back in the early 30's that we began to experience national economic upheaval, and we've been experiencing them in higher and higher frequencies. The more we abandon Austerity, the faster our economy collapses, and the longer those collapses remain. And this is true of every single country that has ever done this, throughout the history of mankind. From the Egyptians to the Romans, from Kingdoms to Communes, the results are always the same. The faster a government abandons Austerity, the fast their economy collapses. Care to explain that?
Look at it this way, Paul. The Great Depression didn't occur in spite of our government abandoning Austerity a few years before. It happened because of it.
The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States. The US Constitution
Unless you're a fetus. The US Supreme Court
Or Anwar al-Awlaki.
Reminds me of an SNL skit in
Submitted by Kubrickfilmfan73 on Thu, 06/21/2012 - 2:03pm.
Reminds me of an SNL skit in which a telephone psychic, in 1988, "predicted" the death of John F. Kennedy.
50 first date,syndrome... You get a trophy for that?
Submitted by upcountrywater on Thu, 06/21/2012 - 2:06pm.
Every day is a new day......
Ok sure spend twice the money that the government has already taken in.
Oh wait the feds did that. Tada... $15.79 TRILLION
You Didn't Build That.
See,
Submitted by Boudin on Thu, 06/21/2012 - 2:39pm.
It worked. : [
Next thing he'll say was that
Submitted by bretzysdude on Thu, 06/21/2012 - 2:06pm.
Next thing he'll say was that E.T. was a true story about his childhood.
Speaking of ET
Submitted by CobraMan on Thu, 06/21/2012 - 2:11pm.
I've got a picture of Paul Krugman speaking at a local college.
The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States. The US Constitution
Unless you're a fetus. The US Supreme Court
Or Anwar al-Awlaki.
Just Brilliant!
Submitted by Walker01049 on Thu, 06/21/2012 - 2:10pm.
I'm sure modest Paul will be Sec. of the Treas. in Obama's second term. That should save us!
Paul...
Submitted by GG_NB on Thu, 06/21/2012 - 2:11pm.
You are SO the hero of your own story, especially created by you and for you.
But back to you...
"If not us, who? If not now, when?"
~Ronald Reagan
Putz.
Submitted by texastommy on Thu, 06/21/2012 - 2:11pm.
Putz.
A question for Mr Krugman
Submitted by Tom F on Thu, 06/21/2012 - 2:19pm.
Where does the money he wants to spend come from? We are already 15 trillion in debt
I think I can say without false modesty, this is hysterical
Submitted by ChrisNH on Thu, 06/21/2012 - 2:20pm.
Krugman is on an island unto himself. If 'gummint spending' is the cure for all ills, and we did half as much of it as we should have, we still would have seen a good bump in GDP, growth, and employment. We saw none of those things. The 'gummint' employees took their ill-gotten gains from the Stimulus and did nothing with it. There was no 'trickle down' from them as Leftists like to shriek is the problem with Capitalism.
Obviously Krugman's thesis is a weak one because he only comes out of his hole to backslap (and be backslapped by) other Leftists. Like Algore and 'Climate Change,' Krugman's Keynesian thought cannot hold up to scrutiny...otherwise he'd be happy to be challenged. Instead, he hides at the NYT under cover of communist darkness and lobs a column every 3-7 days.
Smug Krugman
Submitted by camdenme2 on Thu, 06/21/2012 - 2:22pm.
Enough of his nonsense!!!
Name one thing you've gotten
Submitted by rockyracoon on Thu, 06/21/2012 - 2:23pm.
Name one thing you've gotten right, Putz...er Paul!!
Facts are like kryptonite to the liberal.
The US hasn't even tried austerity yet.
Submitted by c5then on Thu, 06/21/2012 - 2:26pm.
And probably never will right up until it breaks up into multiple political entities.
We have been spending more money for the last 10 years than almost all the other budgets combined. That is the opposite of austerity. If anything it disproves the core tennent of Keynesain economics, namely that more government spending can boost an economy. We are living proof that it can't and all it does is make things plateau at a terrible level for a long time. We tried it in the 1930's and again this time and got the same results. We don't need to try it again for a third time.
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Hmm
Submitted by oldfart on Thu, 06/21/2012 - 2:31pm.
Sure hope Mr. Krugman and President Obama are not in the same room together. No matter how big the room it will not big enough for both egos.
Shovel
Submitted by rusino on Thu, 06/21/2012 - 2:53pm.
Paul it is time to put your shovel down! The hole you have dug for yourself is now too deep to climb out.
That's the beauty of Keynesian economics
Submitted by c5then on Thu, 06/21/2012 - 3:11pm.
It doesn't matter how deep the hole is. Keynes theorizes that all you have to do is keep digging and eventually you will come out on the other side.
Madison and Jefferson and Franklin built a Republic - Roberts killed it!
Keep digging and eventually
Submitted by IdahoJim on Thu, 06/21/2012 - 3:20pm.
Keep digging and eventually you will come out on the other side.
Yea, in China!
IdahoJim
http://idahoandy.net
How about we fill it in for him...
Submitted by IdahoJim on Thu, 06/21/2012 - 3:15pm.
...before he climbs out.
IdahoJim
http://idahoandy.net
This government?
Submitted by IdahoJim on Thu, 06/21/2012 - 3:35pm.
The one that spent 9 BILLION dollars to create 910 jobs? That's just under $10 million per job.
Let's say there are 11 million out of work. Then it would take $107,800,000,000,000.00 in government spending to get most of the jobs. Then they would be paying taxes. If the US gets about 3 trillion a year in tax revenues bumped up to 4 trillion because of full employment, and spends 7 trillion year, how long is the payback period?
How about just north of never.
IdahoJim
http://idahoandy.net
So Krugman's the poster child
Submitted by Beukeboom on Thu, 06/21/2012 - 3:49pm.
So Krugman's the poster child for the delusional. Can anyone honestly claim they are surprised?
Once again,
Submitted by HockeyKid on Thu, 06/21/2012 - 4:00pm.
Kruggie demonstrates the depth of his lunacy.
He's saying that federal employment levels are the leading indicator of a healthy economy. That's just pure, unmitigated lunacy. But it's no wonder his recommendations have been completely wrong for his entire career. His assumptions are bass-ackward; it's no wonder his conclusions are as well.
"Beauty is only skin deep, but liberal's to the bone." - me
If it works, why the high unemployment?
Submitted by Scott @ Engage ... on Thu, 06/21/2012 - 4:03pm.
The stimulus came and went, but unemployment is still sky high and the jobs are barely tricking back in. So what do we really have to show for the government spending?
Well, the CBO reported that the federal budget deficit for this year will be $1.1 trillion (http://1.usa.gov/xju6K9). And, that number is in addition to total debt over $15 Trillion and projections that by 2021 federal debt will be over $20 trillion (http://1.usa.gov/wt4DPi).
I have a friend who actually
Submitted by NC Cop on Thu, 06/21/2012 - 4:09pm.
I have a friend who actually argued that the stimulus was a stunning success because it kept us from slipping into a DEEPER recession. It didn't matter to him that it was designed to stimulate the economy not stop loss it. In his eyes, it was a rousing success!!!!
Seriously, how do you argue with people that believe this???
Ask him where the money went
Submitted by GW on Fri, 06/22/2012 - 10:49am.
and how that money saved jobs. Which shovel-ready jobs were funded? Where were they? How many people worked on those jobs?
You could use Solyndra as an example of what went wrong.
I often hear criticism for an Alaskan "Bridge to Nowhere," but wouldn't that be an example of government spending to employ people? How would your friend feel about that kind of spending?
Maybe we should just start calling the government spending a "Stimulus to Nowhere."
Does the media and liberals
Submitted by tecumseh75 on Thu, 06/21/2012 - 6:30pm.
Does the media and liberals know that Keynes admitted he was wrong and changed his position later in life?
paul kruegman
Submitted by theyjustcantstop on Fri, 06/22/2012 - 12:29am.
dear paul,set aside your theory for one hour,read what happened in wisconsin the last year,public union employees are still working,and more being hired,and the states not runing in the red no more,one year of fiscal disipline.
not all americans are stupid,they have'nt stopped printing money since 2008,now you tell the public where this money went and what it's being used for,truthfully.
Can he point out any instances?
Submitted by MichMike on Fri, 06/22/2012 - 2:33am.
What would be examples of government spending being a net plus to an economy, over the years following the beginning of a "stimulus"? I do not believe there have been any, though a couple (in western economies) have shown to be at least neutral. What a nutbar and liar about government spending in a recession.
Either
Submitted by panzerakc on Fri, 06/22/2012 - 2:48am.
he needs a new definition of "right" or he needs a new definition of "everything".
Krugman-- a group of Obama
Submitted by reddog339 on Fri, 06/22/2012 - 4:14am.
Krugman-- a group of Obama ex- advisors in2009 published their findings that the recession had ended. Pay attention, the lies are getting you all confused- Is being an Obama butt-boy tough??
"I was wrong once
Submitted by David Kramer on Fri, 06/22/2012 - 4:55am.
then I realized I was mistaken." Leave Krugman to make a joke a reality. By the way, will Barack Obama redistribute the Miami Heat win to someone more deserving, like the Milwaukee Bucks? He really needs Wisconsin.
Krugman HAS been right about
Submitted by MikeB on Fri, 06/22/2012 - 1:21pm.
Krugman HAS been right about everything he hasn't been wrong about. Unfortunately for Krugman, he's been wrong about everything he has said in at least the last 3 1/2 years about matters economic, political, or ethical. It seems that the committee that selects the winners of the Nobel Prize in Economics is as competent and reliable as the committiee that selects for the Peace Prize. Krugman - Obama: two reasons the Nobel Prize has become as meaningless as the prize in a box of CrackerJacks.