Krugman Overboard! Says Economic Policy a 'Horrifying Failure'

Krugman Overboard! Says Economic Policy a 'Horrifying Failure'

finance.yahoo.com

Nobel Prize-winning economist and New York Times columnist Paul Krugman argues in his new editorial that U.S. economic policy over the last five years has been “an astonishing, horrifying failure.” Krugman, a long-time critic of the Obama Administration’s stimulus efforts, writes that the U.S. government should have spent three times the amount of money it did to get the economy back on its feet:

(visit the link for the full news article)

Ok my ATS Peers. This looks bad, one of The President's Main Cheerleaders looks like he's throwing in The Towel. For how many years now have we read Mr. Krugman's Op Ed Pieces in The NY Times about how more Stimulus will bring us out of this downturn we've been in for ALL TOO LONG!

“…if the U.S. government had actually been able and willing to do what textbook macroeconomics says it should have done — namely, make a big enough push for job creation to offset the effects of the financial crunch and the housing bust, postponing fiscal austerity and tax increases until the private sector was ready to take up the slack…we would be a richer nation, with a brighter future — not a nation where millions of discouraged Americans have probably dropped permanently out of the labor force, where millions of young Americans have probably seen their lifetime career prospects permanently damaged, where cuts in public investment have inflicted long-term damage on our infrastructure and our educational system.”

It doesn't Look Good if your own Corner seems to have had enough. So any Thoughts, Comments, Grumpiness or Whatever? Will be Very Welcome.

Mods Please Note: I have done a search for this and Nothing shows up, but if this has already been posted please feel free to either Close this or Fold it in with any existing thread. Also, if this is in the wrong forum, please feel free to move where ever appropriate.

Thanks All and Namaste Arjunanda

finance.yahoo.com
(visit the link for the full news article)

what goes up must ..go to war

no paul, you're just a ##snipped## bag and think you know anything valid or real, keep living in propaganda land and you to will suffer the eminent consequences of such behavior.

The US government could pull us out of this economic slump, if it was not a manufactured crisis.

I think a headline said it best this morning. Unemployment down 0.5% across over 50 months. I look at 1 month before that and it makes it worse, I'd say.

Our current unemployment is the lowest it's been since Obama took office......and it matches what it was in December of 2008. The month prior to his arrival. That has to hurt a bit. Trillions spent. Years spent. Hate and discontent in all directions to get much of it done ....and we are literally, precisely where we started as a nation on this figure.

We're worse...actually..because the BLS makes no bones about the analysis saying the lowering of the rate has far more to do with drop-outs from the work force than jobs being filled by new people working.

The other headline this morning? We're at the lowest % participating in the workforce since 1978. Indeed... A welfare nation we seem to have become out of sheer lack of option to survive under these policies.

Oh no.

And I believed all of the cheerleaders for the last 5 years telling me that everything was fine and we were experiencing a huge economic upturn!

ETA: We just didn't spend enough money!

How does it go.... You gotta spend money, to make money.... And our gov't didn't spend enough???

reply to post by wrabbit2000
Hey Wrabbit, Yep, They spent like there was No Tomorrow and for what purpose Zilch! I guess The Parasites will have to soon come to The Realization That You Can't Stimulate A Dead Body Back To Life! We already had that one tried by The Venerable Dr. Frankenstein and see how that worked out, Thanks for your imput and Peace Arjunanda

reply to post by arjunanda


Um... you personally state that Krugman was an Obama cheerleader, but the article cites him as being a long time critic of the Obama administrations economic policies. So which is it, because it cannot be both!

Saudi's probably made them a deal, "we will keep you afloat, if you just do this one thing for us"

When you look at what all the economists, pundits, etc saying that the US economy is back on track all I see are the banks and big corporations raking in multi-billion dollar profits. These profits are not trickling down to the people who actually need it. So I guess the governments theory of trickle down economics has been a big failure.

Take for example:

Increase the minimum wage the US to $15.00/hr. This would more then likely cause an uptick in the US economy as people would have more money to spend/save. Some economists say that there are some businesses out there that can't afford to do this and would be put out of business.
I'll counter that argument with this. Most people who are working minimum wage jobs are also on some sort of food stamp program as the money their earning isn't enough to support themselves or their families (if they have families to look after). A minimum wage increase would allow these people to move away from these food stamp programs thereby saving the government money (win-win for the government). So what about the businesses that go under you say. Well, I thought that the US government was all about free enterprise, the free market and that if a company doesn't have what it takes to make it well then tough luck. There will always be businesses that will popup to take the slack of the ones that fail, this is a given.

Originally posted by TrueBrit
reply to post by arjunanda

 

Um... you personally state that Krugman was an Obama cheerleader, but the article cites him as being a long time critic of the Obama administrations economic policies. So which is it, because it cannot be both!

Mhmmm, I noted that, too, and agree that the two statements are inconsistent. The other thing I might add is that, for as disappointing as Obama has been as a president, it is Congress that is the legislative branch that can draft and pass laws and set budgets--not the executive branch. So, the economic policy of the US government has been pretty much a failure but the blame falls on both Congress for not agreeing on what to do and Obama for not being able to find a way to get them to agree.

reply to post by RedShirt73
Yo Redshirt, Just gotta agree with you here. All the Economic Goodies have gone to "The Better Class". You know the ones living in High Rises in Manhattan and Mansions in The Hamptons. Yeah the one thing that would really help is if we actually had our wages reflect The True Inflation that has gone on in this country over the last 20 odd years (conveniently hidden by Govt Statistics). I'm earning less than I was 20 years ago when I was just a Dumb Kid and EVERYTHING! Groceries, Housing, Transportation, Healthcare etc. have just gone through the roof



Thanks for your reply and Peace Arjunanda

reply to post by WhiteAlice

Yes I do state he has been A Cheerleader! A Policy Cheerleader, The Stimulus Thing, The More The Better according To P K. The only thing he's been on Obama's Back about is not giving enough stimulus. We all now know where all the Stimulus goes to now and it isn't to The Real Economy. It's to Wall Street and The TBTF Banks. Thank You for your reply and Peace Arjunanda

reply to post by arjunanda


So how is he an Obama cheerleader, if he thinks Obama has been getting it wrong? Can you make up your mind which it is ?

reply to post by TrueBrit

Not a cheerleader of the administration's economic policy at all but that doesn't mean he thinks the other side of the aisle would have done a better job.

The Obama stimulus, inadequate as it was, stopped the economy’s plunge in 2009.

Obviously, the Obama people are less wrong than the Republicans. But, by any objective standard, U.S. economic policy since Lehman has been an astonishing, horrifying failure.

www.nytimes.com...

Originally posted by arjunanda

Krugman Overboard! Says Economic Policy a 'Horrifying Failure'

finance.yahoo.com

Nobel Prize-winning economist and New York Times columnist Paul Krugman argues in his new editorial that U.S. economic policy over the last five years has been “an astonishing, horrifying failure.” Krugman, a long-time critic of the Obama Administration’s stimulus efforts, writes that the U.S. government should have spent three times the amount of money it did to get the economy back on its feet:

(visit the link for the full news article)

the same kreugman who was ridiculing Ron Paul and Peter Schiff. the same Paul Kreugman that advocated those policies that have proven to be failures even insulting on international tv autrian economist idealogies. the same Paul Kreguman that has been categorically wrong for over a decade in predicting the outcome of financial political decisions?

guy's a waste. only reason he's saying this now is because he's trying to jump ship early so he wont take the blame.. but all the youtube videos are there. those horrible failures in policy.. were all his idea.

reply to post by TrueBrit
[more Hey True Brit, Mr. Krugman cheers the policy "Keynesianism" It's just the degree to which he critical of Obama about. There has never been a Stimulus Check that Mr. Krugman has Not Liked, just that it was never enough to Prove His Economic Theories to be correct. That's the only conflict in My Point of View, He likes The Meal, it's just that, There's Never Enough. Thank You for your reply Arjunada

reply to post by arjunanda


Yes, let's listen to the guy who didn't listen to his own guy, Keynes, who ultimately recognized the untenability of his own economic theory before his death. "Maybe we should try that invisible hand thingy?" (paraphrase)

"Long-time critic" my you know what. Way to spin it, he just complained that there wasn't enough stimulus.

Originally posted by RedShirt73
Increase the minimum wage the US to $15.00/hr. This would more then likely cause an uptick in the US economy as people would have more money to spend/save.

While we're at it, let's increase the average IQ by 15%, that will make people smarter.