01/11/2017

Paul Krugman's Hypocrisy: Now The Deficit Matters

Hank Berrien, Daily Wire

A question for leftist economist Paul Krugman of the New York Times: which of these things is not like the others?

From the first post on November 14, 2010, reading, "No, really - Nobody Cares About the Deficit," to August 23, 2012, reading, "Nobody Cares About the Deficit," to May 21, 2015, reading, "Nobody Cares About the Deficit," Krugman seemed reasonably consistent. 

But now . . .

On Monday, Krugman tweeted, "Deficits Matter Again." He wrote in the linked article:

Not long ago prominent Republicans like Paul Ryan, the speaker of the House, liked to warn in apocalyptic terms about the dangers of budget deficits, declaring that a Greek-style crisis was just around the corner. But now, suddenly, those very same politicians are perfectly happy with the prospect of deficits swollen by tax cuts; the budget resolutionthey’re considering would, according to their own estimates, add $9 trillion in debt over the next decade. Hey, no problem.

This sudden turnaround comes as a huge shock to absolutely nobody — at least nobody with any sense. All that posturing about the deficit was obvious flimflam, whose purpose was to hobble a Democratic president, and it was completely predictable that the pretense of being fiscally responsible would be dropped as soon as the G.O.P. regained the White House.

What wasn’t quite so predictable, however, was that Republicans would stop pretending to care about deficits at almost precisely the moment that deficits were starting to matter again. Those apocalyptic warnings are still foolish: America, which borrows in its own currency and therefore can’t run out of cash, isn’t at all like Greece. But running big deficits is no longer harmless, let alone desirable.

But wait. Now deficits are no longer harmless or desirable? 

Read full article



You May Also Like:

Where Trumponomics Is Working Stephen Moore and Arthur Laffer, Washington Times

Trump Is Right About 401(k) Contribution Limits Jonathan S. Tobin, National Review

Why Are Federal Bureaucrats Buying Guns And Ammo? $158 Million Spent By Non-Military Agencies Adam Andrzejewski, Forbes.com

Donald Trump: King Of Deregulation? Peter J. Boyer, Weekly Standard

Et Tu, Steve Bannon? William Mcgurn, The Wall Street Journal

Vladimir Putin Warns About Super-Human Soldiers In Future Shivali Best, Daily Mail

How Iowa Became An Obamacare Horror Story Paul Demko, Politico

NFL Teams Play Before Empty Stadiums As Fan Backlash Spreads Dylan Gwinn, Breitbart News

A Clown In A Sequined Cowboy Hat Distorts Greatest Sacrifice Charles Hurt, Rasmussen Reports

How Democrats And Their Families Get Richer Adam Brandon, Freedom Works

Jimmy Carter Lets Loose: Knocks Obama And Hillary, Says Russia Didn’t Alter Election, Praises Trump Chris Enloe, TheBlaze

Rep. Frederica Wilson No Friend Of Vets, Voted Against Death Benefits For Soldier Families [Watch] Lukas Mikelionis, Fox News

EVENT: Leftists Plan To 'Scream Helplessly At The Sky On The Anniversary' Of Trump's Election Paul Bois, Daily Wire

10 Times CNN Told Us An Apple Was A Banana [Watch] David Harsanyi, The Federalist

California Tried To Seize Millions Of This Inventor’s Fortune. He Fought Back. And Won. [Watch] Zach Weissmueller, Reason

Trump’s Fed Picks? More Of The Same! Ron Paul, Campaign for Liberty

How Important Is International Trade To Each US State’s Economy? Mark J. Perry, American Enterprise Institute

Is Rand Paul The Only Fiscal Conservative In The Republican Party? [Watch] Andrew Moran, Economic Collapse News

Chicago Wants To Tax Lyft And Uber To Help Public Transit James Pethokoukis, Ricochet

For More go to the Home Page >>>

Search

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

In Search Of History

When America Was Truly The Land Of Opportunity

For [early immigrants] America was truly the land of opportunity. For the first time in their lives, many were truly free to pursue their own objectives. That freedom released the human energies which created the United States. There were few government programs to turn to and nobody expected them. But also there were few rules and regulations. There were no licenses, no permits, no red tape to restrict them. They found, in fact, a free market, and most of them thrived on it. 

-- Milton Friedman,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.22%
    FreeMarket Central Shadow Stats: 21.9%
  • Inflation:
    FreeMarket Central September Year-to-Year: 2.23% (CPI-U*)
    FreeMarket Central Shadow Stats: 10.0%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]