Paul Krugman, Easily Debunked

Yoda and unfortunate kitteh
By the Left Coast Rebel

This week MSNBC host Joe Scarborough wrote a decent Politico op-ed debunking the myth of the wisdom of New York Times Bolshevik boorish "economist" columnist Paul (Yoda of the Left) Krugman.

Joe's piece must have hit a nerve because the Yoda of the Left responded here personally this morning. Boring and predictably peevish in his counter, my eyes quickly glazed over scanning Kruggy's persistently hollow prose. 

Unamused and listless from wasting 30 seconds of my valuable time, I instead headed to the comment section to peruse through what Krugman's over-educated leftist troll cult-like Kool-Aid followers had to say.

There's an occasional gem to glean doing this, case in point I read this comment at from a common sense fella in Connecticut and thought it was so good I had to post it...

There is no desperation on the part of Keynesian Statists for they possess no conscience. 

Their answer to the tepid multipliers emanating from already wild fiscal irresponsibility will always be that we haven't yet been irresponsible enough. 

This not to suggest that Keynesian demand side stimulation cannot, or will not, ever work. But, that the context in which it is applied makes all the difference. 

It has been applied unremittingly for nearly 3/4 of a century... leading to a culture of near universal moral hazard... which, by itself, blunts its effectiveness. 

Equally important is that attending to the demand side while ignoring the supply side necessarily means that a lot of the demand dollars land offshore. Without a change in tax and regulatory structure, currently penalizing domestic manufacturing, this state of affairs will continue.

Austerity is inevitable. 

The only question is whether policy makers consciously guide it or whether we let markets supply their inevitable discipline. 

If the latter, it will fall disproportionately on the heads of our children.

Krugman likes to say that we are an insurance company with an army. On that, I couldn't agree with him more. 

That is how far we have strayed from founding principles. 

However, that Ponzi is running out of punch... so the Left now wants us to be an insurance company without an army... while they insist on writing new policies, in the name of social justice, to protect against every vicissitude of life. 

Well said, sir, well said.

No comments:

Post a Comment

Commenting here is a privilege, not a right. Comments that contain cursing or insults and those failing to add to the discussion will be summarily deleted.