Krugman: 'All This Stuff About Uncertainty is a Myth Made Up to Blame Unemployment on Obama'
New York Times columnist Paul Krugman was in his predictable defend Obama at all costs mode on Sunday's "This Week."
When former Bush administration official Torie Clarke said unemployment remains high because the private sector is concerned about future regulations, the Nobel Laureate scoffed, "All of this stuff about uncertainty is just a myth being made up to blame this on Obama" (video follows with transcript and commentary):
TORIE CLARKE, FORMER ASSISTANT SECRETARY OF DEFENSE: But here’s the failure of policy I think. What would really get the private sector humming and hiring a lot of people is if they have predictability and certainty about things like regulatory regimes, and are some of these trade agreements going to go through that we really need because it is a global picture and not just a domestic one. And I know there’s a lot going on, but nobody seems to be focusing on that. Not the Administration, not Congress, and Paul’s laughing, but you agree?
PAUL KRUGMAN, NEW YORK TIMES: Can I say, ’cause that’s not, the reason businesses are not investing is they have tons and tons of excess capacity. There’s a very clear relationship historically between the amount of unemployment and, and the amount of business investment. When unemployment is high, capacity is low, investment is low, there’s nothing. All of this stuff about uncertainty is just a myth being made up to blame this on Obama…
CLARKE: No, money’s a coward. Money’s a coward: it’s not going to go unless it can make money.
KRUGMAN: There’s nothing in there. There’s nothing in there. It’s exactly what you’d expect.
You have to wonder whether Krugman is actually this clueless or if he knows what he's saying is nonsense but understands how important it is for him to deflect criticism of Obama regardless of merit.
There's absolutely no question small, medium, and large businesses are concerned about ObamaCare for example and exactly how it's going to impact them. Until the Supreme Court rules on its Constitutionality, no employer knows what they have to comply with concerning this legislation.
Taxes are another issue, for the compromise the White House reached with Congress in December only settled this question through 2012. No one knows what tax rates are going to be in 2013, and this has to be acting as a business inhibitor.
So, too, is the possibility the Environmental Protection Agency will begin regulating carbon dioxide emissions.
Almost as important are concerns throughout the banking, lending, and real estate industries that changes to Fannie Mae and Freddie Mac might further shock the mortgage market.
And the entire oil industry is currently being inhibited by Obama-imposed restrictions on offshore drilling.
The reality is there are a huge number of uncertainties that companies have to deal with as a result of this Administration's business-unfriendly posture, and the idea that someone like Krugman thinks this isn't having the slightest negative impact on hiring is absurd.
Ironically, this Nobel laureate wonders why voters are so ill-informed.
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Comments
Myth perceptions
Submitted by metaphorsbwithu on Sun, 04/03/2011 - 12:35pm.
It's funny Krugman doesn't use the same argument in attacking global warming theory.
You see, the global temperature "allegedly" goes up and there is an increase in CO2 in the atmosphere ("proven" to be a delayed increase) so CO2 must be the culprit ... say the alarmists.
Right, Mr. Krugman?
Or is it that a normally heating Earth causes more CO2 to be released into the atmosphere?
Which is it?
Who is the one advancing myths?
Krugman's right! How can we
Submitted by Van Halen on Sun, 04/03/2011 - 12:37pm.
Krugman's right! How can we blame the current situation on President Obama when he's only been in office 28 months?
Um, ....
Bush lied.
Or something.
Very simple.
Submitted by thestalkinghorse on Sun, 04/03/2011 - 1:09pm.
It's because we are racists.
Fact
Submitted by Blorg on Sun, 04/03/2011 - 1:22pm.
It's a proven fact that it is Bush's fault.
/sarc
Shifty
Submitted by MadRat on Sun, 04/03/2011 - 3:43pm.
Krugman seems really shifty eyed and twitchy for someone who's supposed to be telling the truth.
In Liberal Fantasy Land...
Submitted by Bill Brasky on Sun, 04/03/2011 - 12:40pm.
... nothing is ever Obama's fault. When will these bed wetting liberals hold Obama acccountable for anything? What IS he responsible for? Paul Krugman is allegedly an economist, but no amount of hard numbers evidence will convince him that Obama is a total failure. Incompetent, inexperienced, and insecure. A walking disaster for the country.
We need Mythbusters to look
Submitted by ricklail on Sun, 04/03/2011 - 3:41pm.
We need Mythbusters to look into Krugman being a great economist. It would not take them long to bust that myth. He only has to open his mouth and they know it is not true. He says it is a myth to blame Obama. They could uphold that one in about 60 seconds or less.
Clueless
Submitted by Blonde on Sun, 04/03/2011 - 12:42pm.
Tons and tons of excess capacity, eh? Gosh, wonder why that could be....because businesses are shrinking, laying off workers, and all of that capital equipment is lying around, fallow. And yes, there's also a glut of cash right now.
But until the cogs of this economy have been unjammed by tossing out Obama and his command economy goons out of office, no one is going to willingly spend their cash, where the government can just grab it in the name of the "common good".
I'm not surprised Krugman would go to the mattresses for Obama....as Rush said the other day, even the NYT is actively praying for some good luck for The Chairman. Because as most of us knew, and now everyone must see (well, if they believe their own lyin' eyes), Obama's policies have failed. Personally, not even good luck is going to help his doomed policies now....but Krugman et. al. have hitched their wagons to a falling star, so all they have left is to lie and hope (as opposed to hope and change).
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Blonde,
Submitted by Ashrak on Sun, 04/03/2011 - 2:19pm.
Do you mean people might actually want to keep what belongs to them and defend their own private property by keeping it as far away from the reach of government and its self-proclaimed ability to arbitrarily take whatever it wants, in whatever quantities it wants, from those it chooses to take it from whenever it wants?
Well, gee, who would have ever thought those with the Creator endowed authority to consent, or not consent, to government had such an ability! One would think government was , like, set up that way on purpose or something.....
Nice post Blonde, and I agree, nothing saved Carter from his failed policies and nothing is going to save Obama either. I also agree that the Krugman's of the world are so heavily invested in him, as so many were in Carter, that they really have no choice but to be the captains who go down with their ship.
The only other choice they have is to admit how wrong they have been, for so long, and I think it safe to say that they do not have the intellectual honesty within them to do so. It would mean anything they have to say now is easily called into question on the credibility front (as if that isn't already the way it is).
Obama will...
Submitted by Order270 on Sun, 04/03/2011 - 6:00pm.
NEVER, EVER admit being wrong about anything. He can't be wrong. It's impossible. He's sailed past narcissistic straight into deification (notice how all his pictures have him looking slightly upward and to the side).
Everything that goes wrong is somebody else's fault. And meanwhile, he's chopping at the bit with jitters waiting for something, anything to go right so he can swoop in with Air Force One and take center stage snapping his arms clean off congratulating himself.
You have to wonder whether
Submitted by motherbelt on Sun, 04/03/2011 - 12:49pm.
You have to wonder whether Krugman is actually this clueless or if he knows what he's saying is nonsense but understands how important it is for him to deflect criticism of Obama regardless of merit.
I'm going to have to go with "clueless." Because, in order for him to repeatedly humiliate himself this way for the benefit of the Obama presidency, there would have to an upside, or a payoff for him, and I don't see one.
Back to the usually question that you have to ask...
Submitted by retrocon on Sun, 04/03/2011 - 12:50pm.
Evil
or
Stupid?
Must be one or the other, since his is clearly not making a valid point.
Cringing
Submitted by StarAZ on Sun, 04/03/2011 - 12:58pm.
I am cringing in my country every day now, waiting for another bad thing to happen. I almost never think something good will happen--like a client who treats me as their fellow professional rather than trying to rip me off, or a chance to sell my house (which is the worst mistake I ever made)... I duck and cover, hoping only not to get hurt too badly. And yes, I do believe Krugman's bud Obama was hired by us to change that, rather than to swan around the world or play golf.
HR may have hired him,
Submitted by UpNorth on Sun, 04/03/2011 - 1:34pm.
but, they forgot to check his resume, and now, everyone knows that he never ran anything, doesn't know what a payroll is, much less met one, and thinks that as long as there are checks in the check book, he can keep writing checks.
So, who can blame O for running for cover on the links, or attempting to play bassetball, he doesn't have to put up with those pesky things like deficits, saving the citizens of Libya, while letting the citizens of Sierra Leone and Syria dance in the wind, jobs and, other annoying stuff.
"But the logic of basic
Submitted by Ashrak on Sun, 04/03/2011 - 1:18pm.
"But the logic of basic economics says that we should try to achieve social goals through “aftermarket” interventions. That is, we should let markets do their job, making efficient use of the nation’s resources, then utilize taxes and transfers to help those whom the market passes by."
If anyone ever wondered if Krugman is indeed a Marxist, his own words prove, as exampled in those above, that he is.
Now, Krugman, like Obama, actually like to "produce uncertainty" and use it to their benefit.
(From the same link as above)
"In practice there are a couple of important differences between cap and trade and a pollution tax. One is that the two systems produce different types of uncertainty."
Krugman argues for either, or both, pollution taxes/ cap on trade. He likes "uncertainty" when it benefits the advance of his positions, he opposes it when it works against him and his positions.
After he goes on about how settled the climate deabte is he writes this -
"But as we will see shortly, uncertainty makes the case for action stronger, not weaker. "
In fact, he doubles down directly writing this sentence next.
"So climate change demands action."
Krugman is a straight up liar and his own words demonstrate it. Again.
Either he is hauling water for Obama now, or he was hauling water for climate change then.
He can decide and then let us all know which it is. In the mean time, we all can see just how "uncertain" he is about his own positions by reading his own words.
Elitist Liberal
Submitted by Devilfish on Sun, 04/03/2011 - 1:28pm.
Give me Krugman the Azzhole for $400 Alex!
Save Your Fire Everybody:
Submitted by Comrade Jim on Sun, 04/03/2011 - 1:37pm.
"This Week" has just announced that they are upgrading their economic commentary by replacing Krugman with the new upcoming economist Donald Duck.
Maybe they should try Scrooge
Submitted by killa37 on Sun, 04/03/2011 - 3:26pm.
Maybe they should try Scrooge McDuck.............at least he know how to save money, rather then spend it.
Hey now!
Submitted by Tugboat Phil on Sun, 04/03/2011 - 1:52pm.
I keep reading that Obama's incapable of doing anything right. At least his NCAA brackets were....uhhh, ummm....never mind.
Krugman, like Chris Matthews,
Submitted by Curly on Sun, 04/03/2011 - 2:09pm.
Krugman, like Chris Matthews, needs counseling and medication!:-)
Krugman is stupid
Submitted by merly1 on Sun, 04/03/2011 - 2:13pm.
The unending disinformation spewing from his mouth exceeds even a partisan view of Obama.
The guy is stupid, nothing more, nothing less--> never better defined by this "uncertainty a myth" comment. Does he realize we have 3 wars, soaring gas prices, a tort system run amok....obviously not, thus = stupid.
I had no ides.....
Submitted by BBallleaper on Sun, 04/03/2011 - 2:15pm.
that one could both talk and breath with their head up their arse, but Krugman has convinced me!
So, how many payrolls has Krugman ever had to make?
Submitted by Dave. on Sun, 04/03/2011 - 2:47pm.
I bet it's zilch.
This guy is a moron.
-Dave
Vote for the American in November
But.......but......but.......
Submitted by killa37 on Sun, 04/03/2011 - 3:12pm.
But.......but......but..................he's got some kind of 'economic' prize, doesn't he??? Oh, and Boy Blunder has a 'peace' prize too. Do the math....................
28 months of extreme
Submitted by TerryWest on Sun, 04/03/2011 - 3:23pm.
"Only" 28 months of extreme neglect of crucial priority's, self serving counter productive extreme activism and runaway regulation not to mention an anti business, anti medical community, anti American stance has a way of stalling an economy and the peoples confidence.
The Nov elections gave some relief to the country ( thank the republicans for small rise in employment numbers Mr President) but still there is watchful hesitation as the country has very little trust and confidence in this administration and not a whole lot more in the GOP's ability to tame the beast although I give them points for effort and some success to date.
People such as Krugman who still lug around that dirty water bucket and insult the American people's intelligence, enable the Obama administration's failures above the best interest of the country are doing nothing more then validating the mistrust.
We don't need "made up stuff" to blame on Obama, the reality is sufficient.
All this stuff about Krugman
Submitted by JPTSO3 on Sun, 04/03/2011 - 3:15pm.
All this stuff about Krugman being an economist, is a myth...
A bit off topic
Submitted by ricklail on Sun, 04/03/2011 - 3:44pm.
This is about another yahoo. Did anyone see Whoraldo get caught in the fire fight in Libya? He said he was afraid he'd be shot in the back. We wouldn't be that lucky. Lord forgive me for that and bless the pygimes in Africa. If he is scared he needs to stay out of those battle zones.
Biden-Krugman 2012! It's time
Submitted by LAM SON 719 on Sun, 04/03/2011 - 3:53pm.
Biden-Krugman 2012! It's time retards had a voice too.
Sold for scrap.
Submitted by upcountrywater on Sun, 04/03/2011 - 4:00pm.
[...] the reason businesses are not investing is they have tons and tons of excess capacity.
Once a production run is over (F-22 for example) all the equipment used for production is sold hopefully to another shop, however in reality most goes to scrap yards. Facilities used to house the equipment are rented out to someone else, or stand vacant.
100 + bucks for oil, lots of production runs will be over, come June'11 the trickle -up Oil prices will WHAM us all.
, U.S. power plants account for less than 0.5% of all the mercury in the air that we Americans breathe.
First and foremost, we are talking about a mere 41 tons of mercury per year. If that sounds like a lot, consider the following.
The United Nations Environment Program estimates that the cremation of human remains results in 26 tons of atmospheric mercury per year – from mercury-silver amalgams in teeth fillings.
You Didn't Build That.
The Real Tax Burden Is Government Spending
Submitted by Andrew_M_Garland on Sun, 04/03/2011 - 4:06pm.
Link -> The Real Tax Burden
The real, current tax burden is government spending. Government borrowing and delayed taxes are merely finance. The timing and amount of tax collections or imposed inflation is only how it distributes the burden of that spending. Government spending directs current, real resources into wasteful or useless projecs, and denies a flow of resources to businesses which would like to produce more useful products with more employment.
A government may even distribute tax rebates. But, real taxes are higher if it increases the size and spending of government. Government is taking a bigger share of current, real resources, leaving less for private use or investment and less for private employment. Production is immediately lower, and future collections of production (taxes) will have to be higher. A double whammy. Whatever government is providing had better be worth the large cost.
Respected economist Milton Friedman pointed out that the burden on the private sector is bigger when the government grows as a percentage of the economy. We must reduce government spending.
Consider as an extreme case what our lives would be like if government spent 80% of national production (GDP). It would not matter what portions were collected in taxes, were borrowed, or were taken by the Federal Reserve. Taxes would explicitly apply the burden. Borrowing would somewhat hide and delay the burden. Creating money would apply the burden as a decrease in the value of all dollars, effectively and silently levying a tax on anyone saving dollars.
State and Federal spending will be $5,799 Billion from a GDP of $14,660 Billion in the year ending September 30, 2011 (fiscal year 2010). That is 40% of all production in the US. You have a right to feel squeezed by this massive transfer of wealth to the activities of the government.
I think I can finally explain
Submitted by forest on Sun, 04/03/2011 - 5:28pm.
I think I can finally explain Paul Krugman's 'thinking'.
Bath salts!
The political left is
Submitted by Smartypants on Sun, 04/03/2011 - 6:36pm.
The political left is hilarious. They spent eight years tying themselves into knots trying to blame anything and everything on GW Bush; they even blamed a shortage of flu vaccine on him. Since Obama has been in office, people like Krugman cannot find one thing the president has done wrong. We have an economy still teetering, record deficits and spending, international upheaval and signs that inflation is creeping into the mix. Yet, none of this is due to Obama's policies. How far do they have to take this white guilt thing?
Moon Cheeser
Submitted by Jerry Mack on Sun, 04/03/2011 - 6:50pm.
Moon Cheesers like Krugman will never admit any failure of the Messiah. He and his ilk are too heavily invested.
Just wait until 2012.
Submitted by okiehawk44 on Sun, 04/03/2011 - 6:47pm.
If Obama wins reelection in 2012 it's my opinion that there will be a rush for the doors in this country for all businesses that can leave and many of its citizens too. We haven't seen the worst yet I fear.
Warming up
Submitted by Jerry Mack on Sun, 04/03/2011 - 6:52pm.
Moon Cheeser Krugman is just a warm-up act for what we will all see and here until November 2012.
Krugman is a moron, but...
Submitted by Tenebrous on Sun, 04/03/2011 - 7:00pm.
...if he admitted that people didn't have confidence in the economy that would be admitting that people drove the economy, and not government. In a sense, he is consistent with his Marxist world view, which stipulates that government drives the economy, not people, and certainly not businesses, because all businesses are owned by fat cat owners who exploit the workers. Do you see how this all works? This worldview drives out individual choice -- even going so far as to deem the only acceptable choice one in which another is murdered.
Visions and Principles blog
The only thing impressive about the Nobel Prize is
Submitted by hbnolikeee on Sun, 04/03/2011 - 9:47pm.
the cash and fame of obtaining one.
For example:
Obama got one for what?
Yassar got one. A Peace Prize for a Terrorist.
Mandela is an anti-semite...
How can anyone in their right mind (that's the clue) think that getting a Nobel prize is some wonderful credential anymore?
Please
Submitted by ConservaSerb on Mon, 04/04/2011 - 12:01am.
Stop giving this ugly, hateful little troll any more attention!
A wise & frugal government, which shall leave men free 2 regulate their own pursuits of industry & improvement, & shall not take from the mouth of labor the bread it has earned - this is the sum of good government. T. Jefferson
The magic of the Keynesian economic model.
Submitted by big.league.slider on Mon, 04/04/2011 - 1:32am.
Since Obama took office, the U.S. has lost over 2 million private sector jobs and gained over 12 million food stamp recipients.
And to think, Obama is just getting warmed up, too
Submitted by Dave. on Mon, 04/04/2011 - 9:27am.
-Dave
Vote for the American in November