Posted on 09/24/2010 10:07:15 AM PDT by Oldeconomybuyer
Banana republic, here we come.
On Thursday, House Republicans released their Pledge to America, supposedly outlining their policy agenda. In essence, what they say is, Deficits are a terrible thing. Lets make them much bigger. The document repeatedly condemns federal debt 16 times, by my count. But the main substantive policy proposal is to make the Bush tax cuts permanent, which independent estimates say would add about $3.7 trillion to the debt over the next decade about $700 billion more than the Obama administrations tax proposals.
True, the document talks about the need to cut spending. But as far as I can see, theres only one specific cut proposed canceling the rest of the Troubled Asset Relief Program, which Republicans claim (implausibly) would save $16 billion. Thats less than half of 1 percent of the budget cost of those tax cuts.
Realistically, though, Republicans arent going to have the power to enact their true agenda any time soon if ever. Remember, the Bush administrations attack on Social Security was a fiasco, despite its large majority in Congress and it actually increased Medicare spending.
So the clear and present danger isnt that the G.O.P. will be able to achieve its long-run goals. It is, rather, that Republicans will gain just enough power to make the country ungovernable, unable to address its fiscal problems or anything else in a serious way. As I said, banana republic, here we come.
(Excerpt) Read more at nytimes.com ...
Krugman is such a Marxist idiot. EXCESSIVE SPENDING AND DEBT MAKES BANANA REPUBLICS YOU FREAKING IDIOT!!!!!!!!!!!!!!!!!!!!!
It takes apparently a Nobel prize winner to ignore the link between deficit and spending and blame it all on “insufficient” taxation...
For a supposedly intelligent man Krugman is incapable of grasping the basic concept. Tax cuts do not COST the government anything...it is not it’s money. Reduced tax revenue means that spending must go down...and not down by reducing the rate of growth, down in real dollars..as in less this year than last.
The guy's a loon, or a disingenuous jerk. Or both.
I just ignore him. It is easy.
Krugman only cares about deficits when they are incurred by Republicans.
He wanted a much larger stimulus, and said that the deficit was of secondary importance.
But, if rather than doling out taxpayer dollars to favored polical groups (state and local union workers, as well as people who pay no taxes) as Obama does (and calling it “stimulus”), we use tax cuts (letting people decide how the money should be used, rather than Obama and his czars), Krugman vehemently opposes the idea.
Krugman has lost all credibility. He is a partisan, Bush-hating hack.
Krugman isn't about economics. I'm not sure he understands the field at all. He's just a propagandist.
Krugman apparently is an illiterate idiot with no understanding of history.
Massive tax cuts under JFK led to MORE federal revenue through a stimulated economy. A smaller piece of a bigger pie is larger than a bigger piece of a smaller pie.
Massive tax cuts under Reagan led to MORE federal revenue through a stimulated economy. A smaller piece of a bigger pie is larger than a bigger piece of a smaller pie.
Tax increases under Carter led to LESS federal revenue through a crushed economy. A larger piece of a smaller pie is smaller than a bigger piece of a smaller pie.
It’s not about the revenue. It’s about control of people’s money through taxation. Apparently, Krugman wants the government to have more. The words Taxed Enough Already mean anything to you, Krugman, you idiot?
I think Krugman is just plain old fashioned stoooopid.
Would that be “former Enron advisor” Krugman?
Thanks for the warning ‘Krug-boy’, but I’ll make my decisions based on the facts.
What a Marxist idiot. Being broke makes you a banana republic.
“Republicans will gain just enough power to make the country ungovernable,”......
THANK GOD!!!!!!!
for me, watching The Krugster’s crack-up is truly one of the most enjoyable parts of this Election Season
“Downhill With the GOP, By Paul Krugman”
If there was ever a candidate for a “re-education camp” Krugman is it!!
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