Posted on 10/14/2019 6:18:09 AM PDT by Mr. Mojo
Economist Paul Krugman, the longtime defender of global free trade and a member of the failed “Never Trump” movement, now admits that globalization has failed American workers.
In a column for Bloomberg titled “What Economists (Including Me) Got Wrong About Globalization,” Krugman admits that the economic consensus for free trade that has prevailed for decades has failed to recognize how globalization has skyrocketed inequality for America’s working and middle class workers.
Krugman, though, writes that he and his fellow free trade economists “had no way to know” that globalization of the American economy or a surge in trade deficits “were going to happen,” though the anti-globalization movement had warned for years of the harmful impact free trade would have on U.S. workers — including Donald Trump.
(Excerpt) Read more at breitbart.com ...
Yeah Paul, who could’ve possibly foreseen that open borders and massive trade/tariff disparities (with the U.S. always getting the short end of the stick) and the outsourcing of millions of American jobs could’ve led to massive trade deficits and the ...loss of millions of American jobs? Hmmm...
But it was “settled science” !
Worst economist ever. He understands nothing.
Was this gut born stupid or just takes a lot of drugs?? the whole idea behind globalism was to Knock America Down to third world status and enrich the Masters of Socialism Worldwide.
The Muslim did a pretty good job and Hillary would have finished us off. THANK GOD FOR TRUMP!!!
Ross Perot saw it coming in the 1990’s. He called it the “giant sucking sound”
Worst economist ever. He understands nothing......
He’s like the MSM pollsters that tell the Dems what they want to hear, for money.
Don’t know why this is such a surprise, Krugman!
Ross Perot told you back in the early 90’s to expect the ‘Giant Sucking Sound’.
It is an insult to real economists to even call Krugman an economist. He is nothing more than a left-wing hack.
At least John Kenneth Galbraith (the left's answer to Milton Friedman) was like the blind squirrel and could find an acorn once in awhile.
Krugman is not only always wrong, but as wrong as wrong can be.
Bingo. Just like the crowd that is stunned China has become a major threat after decades of pumping them with Western $$ and technology. It was just IMPOSSIBLE for foresee.
Krugman, though, writes that he and his fellow free trade economists “had no way to know”
Yep, NOBODY saw that coming.
“The pro-globalization consensus of the 1990s, which concluded that trade contributed little to rising inequality, relied on models...This was, I now believe, a major mistake “
“Relied on Models”, hmmm....where have I heard THAT before.
And look at the smarmy faces of Bush and Clinton. Two globalist peas in a pod.
Did he get some bad news from his Doctor or something?
The article, Krugman and commenters here keep tossing around the term “free trade” as if that is actually what has been happening.
The problems haven’t come from the FREE trade. They have come from UNFAIR trade.
He’s right. Idiots had “no way to know”.
translation: The Democrat Party is going all-in on the Lizzie Warren campaign and her left-wing brand of populism.
Krugman is a NEVER-TRUMPER?? Duh.........
Looks like he has been reading up on Chinese neo-mercantilism
Good call, Buckeye.
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