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Krugman’s Depression Game

June 28, 2010

“And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending.” – Paul Krugman, NYTimes Columnist and another in a long line of Nobel Prize creeps.

Don’t you see? Even though the Obama administration has spent trillions the nation doesn’t have, Krugman believes the “real” problem is “inadequate spending.” So to avoid a third depression, he advocates emptying everyone’s pocket of drier lint, loose change and raping the taxpayer even further so the left’s redistribution of America’s wealth can continue.

We do find ourselves in this perilous financial predicament precisely because Obama and the Democrats have been spending lots and lots money we don’t have. Krugman is just worried that the progressive gravy train is about to stop so he and his liberal economist buddies are doing their best to frighten the bejesus out of anyone who’ll listen. I’m not sure anybody outside of the Beltway is listening. Certainly, the Tea Party isn’t and polls show voters don’t buy Krugman’s logic either.

The first rule of hole digging, financial or otherwise,  is – stop. That’s exactly what needs to happen. Our debt to GDP ratio is what should scare Krugman. As for unfunded entitlement programs we’re at 840% of GDP. Those are undeniable, scary facts. So Krugman’s call for even more spending is nothing short of greedy and irresponsible. But that’s what you’d expect from a liberal weasel.

Private sector debacle looming, “Economic Outlook: Worsening picture in the US” – Financial TImes

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Categories: Economy
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