Krugman says stimulus, and Keynesian economics, is a complete failure

[kwc57]

Have you ever noticed that Krugman's eyes are brown? There is a reason for that.

 

[Quantum Windbag]

Well except FDR didn't fail. Unless of course you consider the rise of a real American Middle Class a failure.

The United States did not have a big middle class (or any really) prior to FDR.

The United States was pretty much a wretched place to live prior to FDR for all except the extremely wealthy.

FDR didn't fail?

Despite his massive spending and the WPA unemployment averaged 13% over his term, and there were 18 million fewer jobs at the end of his term than there were when he was elected. No wonder you think Obama is a success.

FDR must have had some success, he was elected 4 times. I doubt you could have done any better. The only societies that were flourishing was the facists,the nazis and the communists. Capitalism was near dead.

He won WWII and defeated Hitler, Mussolini, and Hirohito. That made up for a lot.

Nonetheless, we are talking about how well the stimulus worked here, not wars, and even FDR's own people say that that was a failure.

 

[Quantum Windbag]

FDR's leadership made America a super power.

It grates on the nerves of Republicans to this day. Which is probably why they are actively trying to destroy our economy.

Why would that grate on anyone's nerves? Do you think Republicans go around thinking about how FDR turned created the military-industrial complex and cry because it made them rich? Do you think they also cry about how Clinton cut taxes because it didn't happen when a Republican was president?

Are you completely fucking nuts?

 

[Quantum Windbag]

I would love to say that Keynesian economics is dead, but some idiots will never learn. That list obviously includes Paul Krugman.

Your list of idots must also included editec, QW.

Krug is exactly right.

And FWIW you are exactly wrong.

I have yet to see a Kenysian response even attempted by this administration.

Of course, the fact that Congress must get on board with an serious recovery plan, meanwhile Congress can't even get out of its own way on the issue of the debt limit suggests that it not going to happen.

This economy is the economy that the Repubican clans want to have, that's quite obvious.

Two years ago Krugman said that the only part of the stimulus that was right was the part that was going to the states because that would do the most to keep the economy primed. Today he says that it failed because too much money went to the states.

You are entirely correct, that does make you an idiot if you agree with that.

 

[Paulie]

The United States was pretty much a wretched place to live prior to FDR for all except the extremely wealthy.

This is all relative, and a matter of opinion. When you account for how inflation has destroyed the middle class's purchasing power over the years, one could just as easily say the middle class is a wretched class to be in.

Today's middle class busts its ass at underpaying jobs, if they have one at all, to HOPEFULLY live better than paycheck to paycheck.

It would be more accurate to say flat wages in Real Dollars killed the Middle Class's purchasing power.

If you recall your history, the Carter years had the highest inflation rates in recent history, yet wages increased in Real Dollars. Please note that wages have gone down in constant dollars. Yet the US Economy has increased in Real Dollars,

Wages and Benefits: Real Wages (1976-2004)

Average Weekly Earnings (in 1982 constant dollars)
For all private nonfarm workers

1976 309.61 1.46%
1977 310.99 0.45%
1978 310.41 -0.19%
1979 298.87 -3.72%
1980 281.27 -5.89%
1981 277.35 -1.39%
1982 272.74 -1.66%
1983 277.50 1.75%
1984 279.22 0.62%
1985 276.23 -1.07%
1986 276.11 -0.04%
1987 272.88 -1.17%
1988 270.32 -0.94%
1989 267.27 -1.13%
1990 262.43 -1.81%
1991 258.34 -1.56%
1992 257.95 -0.15%
1993 258.12 0.07%
1994 259.97 0.72%
1995 258.43 -0.59%
1996 259.58 0.44%
1997 265.22 2.17%
1998 271.87 2.51%
1999 274.64 1.02%
2000 275.62 0.36%
2001 275.38 -0.09%
2002 278.91 1.28%
2003 279.94 0.37%
2004 277.57 -0.84%

Source: U.S. Bureau of Labor Statistics

http://www.workinglife.org/wiki/Wages+and+Benefits:+Real+Wages+(1964-2004)
Wouldn't be nice if US workers were rewarded for their hard work, like they used to be. But as the unions were weakened, the wages became flat despite high worker productivity.

If inflation over time was nominal, wages shouldn't have a problem keeping pace.

The problem is that inflation is a beast, and has been for a long time.

Wages shouldn't have to be fighting to keep up with this kind of inflation, that's just ridiculous. No business in its right mind would raise wages at the pace inflation has been growing the last couple decades.

 

[Sallow]

Clearly you don't know dick about anything

No.

Clearly you don't.

Yellow Fever Epidemic of 1793 - Wikipedia, the free encyclopedia
Typhoid fever - Wikipedia, the free encyclopedia
1775
The 1832 Cholera Epidemic in New York State:
Great Chicago Fire - Wikipedia, the free encyclopedia
The Battle of Matewan
Triangle Shirtwaist Factory fire - Wikipedia, the free encyclopedia
IHS Child Slave Labor News :: The History of Child Labor During the American Industrial Revolution
Great Depression - Wikipedia, the free encyclopedia

Well I didn't ask you to provide evidence of the absurdity of your point, but thanks for backing me up

Backing you up on what?

The United States was a wretched place to live rife with disease and squalor. There were massive ghettoes and by the time FDR came to power..it was close to revolution.

You really should get out more often.