Downhill With the GOP, By Paul Krugman

New York Times ^ | September 23, 2010 | By PAUL KRUGMAN

[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. Let’s 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 administration’s tax proposals.

True, the document talks about the need to cut spending. But as far as I can see, there’s only one specific cut proposed — canceling the rest of the Troubled Asset Relief Program, which Republicans claim (implausibly) would save $16 billion. That’s less than half of 1 percent of the budget cost of those tax cuts.

Realistically, though, Republicans aren’t going to have the power to enact their true agenda any time soon — if ever. Remember, the Bush administration’s 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 isn’t 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.

[Oldeconomybuyer]

[whitedog57]

Krugman is such a Marxist idiot. EXCESSIVE SPENDING AND DEBT MAKES BANANA REPUBLICS YOU FREAKING IDIOT!!!!!!!!!!!!!!!!!!!!!

[alecqss]

It takes apparently a Nobel prize winner to ignore the link between deficit and spending and blame it all on “insufficient” taxation...

[VanDeKoik]

"As I said, banana republic, here we come."

At least we will be sharply dressed.



and the marched to Socialism will be stopped, for now.

[Question Liberal Authority]

independent estimates say would add about $3.7 trillion to the debt

Are these the same 'independent' geniuses who said that Obamacare would make health care less expensive and not add one penny to the deficit?

[JrsyJack]

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.

[mojito]

Last week, Krugman was all in favor of deficit spending, the more the merrier.

The guy's a loon, or a disingenuous jerk. Or both.

[dforest]

I just ignore him. It is easy.

[dashing doofus]

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.

[ClearCase_guy]

Exactly. He said that Obama hadn't seen good results because he didn't engage in enough deficit spending. But, when Republicans engage in deficit spending (under Bush, or next year) it is deadly poison that kills our nation.

Krugman isn't about economics. I'm not sure he understands the field at all. He's just a propagandist.

[piytar]

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?

[SaraJohnson]

I think Krugman is just plain old fashioned stoooopid.

[Southern Partisan]

Would that be “former Enron advisor” Krugman?

[MichaelCorleone]

Thanks for the warning ‘Krug-boy’, but I’ll make my decisions based on the facts.

[BenLurkin]

[WKUHilltopper]

What a Marxist idiot. Being broke makes you a banana republic.

[AngelesCrestHighway]

“Republicans will gain just enough power to make the country ungovernable,”......

THANK GOD!!!!!!!

[Buckeye McFrog]

for me, watching The Krugster’s crack-up is truly one of the most enjoyable parts of this Election Season

[TexasCajun]

[kenmcg]

“Downhill With the GOP, By Paul Krugman”

If there was ever a candidate for a “re-education camp” Krugman is it!!