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Related: About this forumKrugman: Deficit scolds “literally have no idea what they’re talking about”
The New York Times columnist on why you should ignore prophesiers of fiscal doom
BY ELIAS ISQUITH
Paul Krugmans latest column for the New York Times tackles a familiar subject for the award-winning economist and best-selling author: The foolishness of those who labor under the misconception that the United States is on the brink of fiscal catastrophe. Comparing such figures to a kook who wanders the streets while yelling The end is nigh, Krugman notes that the deficit hysterics seem impervious to any evidence that might contradict their firmly held beliefs. Whats more, they cant even explain how their imagined catastrophe would come into being.
Noting the continued endurance of low levels of inflation and low interest rates, which should contradict the expectations of anyone buying into the looming fiscal catastrophe narrative, Krugman ridicules his opponents for having been so wrong for so long, seemingly without ever giving their beliefs a second thought. Its actually awesome, in a way, to realize how long cries of looming disaster have filled our airwaves and op-ed pages, Krugman writes. He then goes on to cite an Alan Greenspan op-ed in this vein, one that was written nearly three and a half years ago, but that for all intents and purposes could have been published just yesterday.
So the next time you see some serious-looking man in a suit declaring that were teetering on the precipice of fiscal doom, dont be afraid, Krugman concludes. He and his friends have been wrong about everything so far, and they literally have no idea what theyre talking about.
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http://www.salon.com/2013/10/25/krugman_deficit_scolds_literally_have_no_idea_what_theyre_talking_about/
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Krugman: Deficit scolds “literally have no idea what they’re talking about” (Original Post)
DonViejo
Oct 2013
OP
Jester Messiah
(4,711 posts)1. Austerity-mongers have always been full of shit.
And they know it, deep down. It's just that "fiscal responsibility" is a much better excuse for brutalizing the poor than spite or greed.
99th_Monkey
(19,326 posts)2. Sanders/Krugman 2016 nt
Martin Eden
(12,869 posts)3. Mainstream Media Perpetuates the False Narrative
Krugman speaks the truth, but his broom isn't big enough to sweep back the bogus tide.