Krugman: America Is In Serious Trouble!

Discussion in 'Economy' started by Neubarth, Jan 29, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Krugman: America Is In Serious Trouble


    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 GreatDepression 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.

    How can this apparent conflict between short-run needs and long-run responsibilities be resolved? Intellectually, it’s not hard at all. We should combine actions that create jobs now with other actions that will reduce deficits later. And economic officials in the Obama administration understand that logic: for the past year they have been very clear that their vision involves combining fiscal stimulus to help the economy now with health care reform to help the budget later.

    The sad truth, however, is that our political system doesn’t seem capable of doing what’s necessary.

    On jobs, it’s now clear that the Obama stimulus wasn’t nearly big enough. No need now to resolve the question of whether the administration should or could have sought a bigger package early last year. Either way, the point is that the boost from the stimulus will start to fade out in around six months, yet we’re still facing years of massunemployment. The latest projections from the Congressional Budget Office say that the average unemployment rate next year will be only slightly lower than the current, disastrous, 10 percent.

    Op-Ed Columnist - March of the Peacocks - NYTimes.com
     
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Paul Krugman is the dumbest, most wrongheaded man I've ever read.
     
  3. Douger
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    Douger BANNED

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    We’re in the aftermath of a severe financial crisis, which has led to mass job destruction

    No.
    This is just the beginning.
    Expect a mass exodus of those that have 'some" means and refugee status for the rest.
    One problem.
    Like IsNtReal, circa WW2, nobody will want aMurkinz.
     
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    Frank, Read more!
     
  5. CrusaderFrank
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    CrusaderFrank Diamond Member

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    How the fuck can the "boost" from the "stimulus" start to fade out when Obama hasn't even disbursed the bulk of it?
     
  6. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Americans certainly are in serious trouble, if they continue listening to people like Paul Krugman.
     
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  7. Zander
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    Zander Platinum Member

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    Krugman is essentially saying that the USA has spent it's way into an empire destroying debt, literally a mountain of debt, and the only way out of it is to SPEND MORE!!! WOO HOO!!!

    :cuckoo::cuckoo:
     
  8. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    I'm honestly surprised Krugman has any credibility left. Why doesn't the NYT hire someone like Greg Mankiw?
     
  9. Neubarth
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    Neubarth At the Ballpark July 30th

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    Unfortunately, you are paying too much attention to the news and because of that you are asking too many intelligent questions. That, unfortunately, is not considered proper etiquette for a political message board. I, for one, admire your question, but remember, I am a small minority here.
     
  10. Oddball
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    Oddball BANNED Supporting Member

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    Oh jeez, here we go again!

    Authoritarian meddling in economic matters only failed because we didn't tinker enough and put enough bureaucrats on the job!

    In a truly just world, jackasses like Krugman wouldn't be able to get a job scrubbing toilets.
     

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