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? 

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