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To: Kaslin

Remember when Time magazine had the pic of Newt Gingrich as the Grinch, because he wanted to balance the budget? Turns out, all the Grinches and Ebenezer Scrooges (before the ghostly visitations) are from the Left. Whether it’s Pelosi and Reid pushing their Socialistic agenda after losing big in the recent elections, or miserable, unhappy, busybody fuddyduddies wanting to ruin Christmas, lookl like the Democrats and the Left want to eliminate fun and enjoyment out of American lives.


3 posted on 12/25/2010 8:37:58 AM PST by MuttTheHoople (Democrats- Forgetting 9/11 since 9/12/01)
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To: MuttTheHoople
Remember when Time magazine had the pic of Newt Gingrich as the Grinch, because he wanted to balance the budget?

Well, old "Grinchy" was a better Keynesian than the Keynesians. What makes Keynesianism muddle along is the idea of the "cyclically-balanced budget," where deficits in recession are replaced by countervailing surpluses in prosperity. Following that regimen contains the crowding-out effect and pressure to inflate which permananent deficits bring. It also nips insolvency crises in the bud.

The more typical Keynesian has a deep need to (falsely) claim that the economy went back to laissez-faire in the last decade. His faith in his automatic stabilizers failed.

Expecting Paul Krugman to take the Austrian School seriously is too much to realistically expect. Austrianism cuts into the pay, status and prestige of he and his fellows. Expecting him to take Keynes seriously when boom time comes around again, that's a different matter.

30 posted on 12/25/2010 7:04:34 PM PST by danielmryan
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