Smart. Sharp. Funny. Fearless.
Tuesday, March 26, 2019

The National Memo’s Weekend Reader will bring you excerpts, interviews, and reviews every Saturday, aiming to illuminate issues of current interest through books, mostly but not always new. We hope you will enjoy this weekly feature and look forward to your comments.

It’s no surprise that the economy has continued to rank at the top of the list of important issues to Americans, but comprehending the problem is no easy task. We are inundated daily with input from experts, commentators, and some politicians who think they’re experts. Allow me to offer a better option—Paul Krugman’s End This Depression Now!  Originally published electronically and in hardcover last spring, it’s been brought to our attention again with its forthcoming release in paperback on January 28.

As a leading economist, New York Times columnist, distinguished Princeton professor, and 2008 Nobel laureate, Krugman’s solution to the nation’s expanding deficit is stunningly simple: Spend more, at least for now. That’s right — while politicians are warning of excessive government spending, Krugman says that federal spending is what got us out of the Great Depression, and can quickly return us to prosperity today. “Now is the time for the government to spend more, not less, until the private sector is ready to carry the economy forward again—yet job-destroying austerity policies have instead become the rule,” he says. Krugman’s enduring Keynesian outlook  and his hopeful, progressive approach to growth are an essential contribution to a national discourse dominated by deficit “hawks.”

This past week on Capitol Hill, for example, Speaker John Boehner (R-OH) and his Republican colleagues passed the No Budget, No Pay Act, a measure that not only prolongs the U.S. reaching its debt limit until mid-May by holding Congress members’ pay hostage until a budget is passed, but is also a collective refusal by Republicans to make concessions until Democrats and the White House agree to enormous spending cuts. This is the opposite of what Krugman believes we need — and he was delighted that the president ignored such demands in his inaugural address. In End This Depression Now! he suggests that the president understands how to move the economy forward, but has often conceded too much to the right-wing (and centrist) deficit mania.

In his new preface to the paperback edition, Krugman points out, somewhat regretfully, how events have vindicated these arguments. Using a simple two-line graph, he shows how “Austerian” policies of fiscal contraction in Europe, even more deficit-driven than the United States, have led to a worsening depression there — while U.S. spending, by no means adequate, has nevertheless allowed us to avoid their fate. The latest economic news from the United Kingdom, which has slipped back into negative growth, likewise bolsters Krugman’s criticism of the Tory government, which has enforced severe austerity at grave cost to the British people.

  • Share this on Google+0
  • Share this on Linkedin0
  • Share this on Reddit313
  • Print this page
  • 1060

61 responses to “Weekend Reader: Paul Krugman’s End This Depression Now!

  1. nobsartist says:

    RepubliCONs are so stupid they cannot even use the cure that Eisenhower, a real American used to end the similar crisis in the 50’s.

    Then again, raygun rejected Eisenhowers principles when he created the failed “for profit” health care system that is destroying America and that Obama promotes.

    And then we have SILENCE from Obama and Biden on the economy.


  2. charleo1 says:

    There is actual debt, and deficits. And then, there is the Right’s politically motivated, and false,
    mischaracterization of the debt. So, it was very fortunate for the Country, that Democrats had
    large enough majorities to do what was minimal to stop the economic contraction that in
    Jan. ’09, was idling 800,000 Americans a month. It’s impossible of course to say what
    measures the Republicans would have taken, if the shoe was on the other foot, and they were in
    charge. But I imagine it would have looked pretty much the same. They may have taken the
    opportunity to lower corporate, and capital gains tax rates, and make permanent the Bush tax
    cuts. But, if they were the Party responsible for improving the economy, the economic stimulus package they claim was such a wasteful failure, might have been even larger. How do I know?
    Because in times past, the Republicans have responded to recessionary periods exactly the way
    the Democrats, and President Obama did in the spring of ’09. And it worked. It worked because
    it is infinitely better to save businesses in extraordinarily bad economic times. Than do nothing,
    and, have them fail completely, and wait while they are rebuilt from the ground up. What Republicans have done since retaking the House, amounts to nothing less than economic
    sanctions imposed upon this Country, by the Republican Party, with the goal of hampering economic recovery, to facilitate regime change. It’s a disgrace, and a disgusting conclusion.
    But, given their behavior, taking into consideration how diametrically opposed their solutions
    have been to this recession, versus their remedial actions in the past, it becomes impossible to
    not see their motivations as a fundamental betrayal of The United States.

    • nobsartist says:

      The republiCON assholes create the crisis and then use it for their own gain.

      Time to tar and feather ALL repub;liCON assholes.

    • Dorothy says:

      I agree. I believe this fundamental betrayal can be called treason.

      • charleo1 says:

        Whether it’s a non friendly government, or a particular political organization.
        If they are purposely working aganist the best interests of The United States,
        they should be recognized as a hostile entity, and dealt with as such. And yes,
        it is absolutely treason.

    • It seems that people with an open mind and reasonable cognitive capacities could reach roughly the same general conclusions about how the American economy, embedded in the world of corporate and military globalization, actually operates. The USA has a printing press, it chooses to give most of the fresh money printed at historically low interest rates to the too big to fail bankers and their friends, who use that money (historically cheap cash by any measure) largely to speculate in the assets of the owner class of the global economy in which the USA is embedded, and yes, still leads and dominates, to a great extent. So the printing press of the Fed is stimulating the global economy, along with the printing presses of the rest of the world’s Central Banks, though it is doing so in a way which first and foremost preserves and protects the assets and economic interests of the owner class, the class of global corporate elites and their crony capitalist friends in the various complexes (military, industrial, agricultural, medical etc.). Now, could we use all the trillions in freshly printed (electronically of course) cash more efficiently? This is, after all, the real stimulus dwarfing the stimulus of the fiscalists in Congress and the White House? Of course we could, but such efficient economic and socially useful purposes are not embraced much less discussed by the private elites managing the decision making apparatus of the Federal Reserve and its brothers in the rest of the world’s Central Banking complex. So we are left with the bipartisan stalemate and a slimmed down soft austerity of the federal government run by elected politicians, all largely owned or rented by these same elite corporate interests, if slightly more influenced by grassroots citizen movements such as homeowners, small business owners, what is left of the union movement etc. Do I think the USA has a debt problem as it has been defined by the mainstream media and the beltway insider class of intellectuals and policy wonks? Of course not. Do I think the USA could re-invent the role of the Federal Reserve in the Age of Corporate Globalism to revive the domestic economy in the USA to favor Labor/employment over Bankers and their speculative investments? Obviously. So how do we rethink the issue of the printing press which is the Federal Reserve and the stimulation of the domestic economy and in particular labor/full employment? I think it begins by removing the burden of investment in human/physical (biological, electronic. energy) capital from state and local governments (and Wall Street) and relocate it through the creation of a Federal Reserve financed Infrastructure Bank, which liberates the printing press of the Federal Reserve from the needs of the speculator Bankster class (and its globalist profit priorities) and redeploy its cash printing machines for the massive investments in the domestic economic infrastucture (broadly and inclusively defined) to redevelop the crumbling economic base of the USA which has also served to produce a depression in working people’s wages and quality of life. We need to embrace the empirical reality of the failure of the model of economic development and growth based on private corporate domination of the USA economy because the private corporate domination of the USA economy in the age of corporate globalization is a recipe for de-industrialization, declining domestic economic investment, declining human capital investment, declining employment opportunity and declining domestic gross national production. It is only because the federal government is running such huge annual deficits that the US economy is not right now in depression, and if it were to balance the budget we would be in depression. But it is also true that as inefficient and counterproductive as the free money policies of the Federal Reserve have been in recent years, given their service of the Bankster/Financial Elite, the small spillover effects in consumer/housing/student loans etc. they have offered have also helped prevent the great depression in the 2nd decade of the 21st century even more so than the fiscal policies of the elected branch of the US government. In sum, as much as Krugman advances the debate, he has barely begun to confront the true Elephant in the room: the model of private domination of the USA economy is a failure precisely because its priorities are not national-domestic, but global-transnational. The USA has been subordinated to the needs of its corporate elites for too long, by both political parties, and the results in d0mestic economic outcomes for working people reflect this subordination and its perverse outcomes for the nation as a whole.

      • charleo1 says:

        Your description of these giant, multinational, behemoths corrupting, and ultimately
        controlling all public policy to advance, and serve their own narrow interests, is so
        accurate as to be down right scary. And worse, I don’t believe the general public has
        any idea of the full extent of corporate power over the elected representatives. It’s gotten
        so bad, lawmakers don’t write their own legislation anymore. Laws are now composed
        by a group of corporate lawyers, which shuttles them quickly to the proper committees,
        where they are passed into law verbatim without so much as a fare the well, or any
        concern of how this might effect the average person, or small business. And, as you
        say, these companies are apolitical. If their business model hurts us in America,
        but increases the bottom line profits, for the concern, they have no compunction,
        and feel no obligation whatsoever to the U.S. If there’s a buck in it, they will do
        business with Communist, brutal dictators, theocracies, it makes no difference.
        I call them global grazers. Always on the lookout for the next country and a better deal.

      • amarquez647 says:

        As long as the bottom line of huge corporation is their only measure of success, and their ability to influence government goes unabated, I do not see a just solution. The American myth is of the lonesome cowboy righting the wrongs. That is just a myth. To strive for personal achievement is right, but we are not alone and must act collectively for the benefit of all.

    • amarquez647 says:

      I agree. I have never been able to pay more, or keep up with inflation with less money. It is illogical take from the poor to give to the rich.

    • nobsartist says:

      It looks to me like both party’s are the same. All of this useless banter on gun laws and abortion are just to take the morons mind off of the real issues.

      Both party’s are the same.



      • charleo1 says:

        The both Parties are the same theory has gained some popularity. Usually from those
        who have pretty much lost faith in the honesty, and integrity of the government itself.
        And this is important, by those who feel that they have little or no influence to change
        the realities of the status quo. Or, by those who believe that only by revolution, and
        the destruction of the current system, will their priorities be addressed. I always say,
        if you think there is no difference. If one sees a Democrat as merely a Republican who
        uses a different strategy to consolidate power, you may be forgiven your cynicism.
        For the record of both Parties is replete with examples one could use to make that very
        point. But here’s the deal. Someone once said of our political system. That America
        has the worst system of government ever devised, until one considers the alternatives.
        That’s because we have a system, although not perfect, where the power is derived from
        the people. Our system will only endure as long as the majority deems it. That remains
        as true today, as it was the day our Constitution was adopted, and signed into law.
        If we the people, allow ourselves to be ruled by a contempt for the institutions of law,
        equal treatment, and the freedom to express ourselves. What we believe. The God we
        worship, and yes, to even call our bloated, and corrupted government, bloated, and corrupted. Without any fear we, or our loved ones would suffer consequences for not only having that opinion, but expressing it on the courthouse steps if we choose. We need
        to remind ourselves every once in a while, that most of the 8 billion people with whom
        we share this planet, has never in their lives, been able to say that. So, I cannot agree
        with the cynicism. Because hopelessness quickly turns to apathy, and apathy to
        despair, and then only the most radical among us will win the day. And that would
        not be the fault of government, that would be on us.

        • nobsartist says:

          The “patriot act” was the end of honesty in our government. Just as Hitler had “Mein Kampf”, we have the “patriot act” supported by both parties of treasonous political hacks.

          Your post is very well written. Thanks.

  3. FredAppell says:

    Krugman has been consistent and self assured in his message for many years now. I don’t pretend to know how the economy works but there are many so-called arm chair experts who claim they do know. I’m sure there are plenty of college graduates of all ages out there who have taken a few economics courses but that doesn’t make them experts. Many Americans think Krugman is a sham because he is a self professed Liberal Democrat. My question to his detractors is this. If you are such an expert in economics than where are your credentials? Krugman has a mountain of credentials but people refuse to listen to him because of politics. Maybe it is finally time to take Krugman more seriously.

    • TZToronto says:

      The typical right-wing response to statistics is to claim they are falsified for some nefarious purpose. Climate change is a conspiracy of the left for some unstated reason. (promoting green energy?–as if thousands of climate scientists are going to get rich from green energy). Statistics about the economy are fudged to make bad Democratic policy look good (e.g., job numbers just prior to the November, 2012, election). Poll numbers from Nate Silver are falsified to make Obama look like a winner (except that Silver was bang on in every state). The only falsifying going on about statistics is the Republican lying about how accurate the numbers are to make people think that Democratic policies won’t work or are wrong-headed. I think the right-wing’s fallback position is that you can make statistics say anything you want them to say. But statistics done properly don’t lie. (Ask people in lower Manhattan if climate change is real. Ask people in the U.K. how well austerity measures are working. Ask Mitt Romney about Nate Silver’s predictions.)

    • adriancrutch says:

      Politicians only work with a idea,then a proposal, and finally a pen. Once in a while they touch a silver shovel or cut a ribbon. But they seem to have some master plan to screw down the middle class. I can’t see the midwest U.S. surviving this change to service jobs. The only manufacturing untouched by the cheap overseas wages are predominantly defense and gun production. Most corporations are just too bottomline oriented to greed that they will soon have no one to fix anything. Just throw it away and purchase a new replacement. The world my father and Grandfather lived in has vanished. Sad.

      • FredAppell says:

        Yes exactly, the two things that America seems to be exceptionally well at manufacturing is the means to kill and greed. Worse yet is the fact that we export both around the globe.

    • nobsartist says:

      Why didnt Obama listen to him 4 years ago? Maybe Obama is a banker.

      • FredAppell says:

        He certainly is aloof. I can’t figure him out but I want to give him the benefit of the doubt. I hope i’m not just being naive. It is possible that there is more going on then meets the eye, but what? All I can say for sure is that if I were in his position with nothing to lose at this point, I would go for broke. We may have to wait until the midterm elections to see any significant progress provided Democrats can win big. Sorry for all the cliches nob but at this point there isn’t much left.

  4. David Stockman’s trickle down economic theory, and dderegulation, haves been the centerpieces of Republican economic policy for three decades. It was embraced by Ronald Reagan and George W. Bush with identical results: a bubble followed by economic chaos, deficit spending, borrowing, accumulation of debt, and the near collapse of our financial institutions and our economy. Instead of sustainable growth and low unemployment rates it produced the exact opposite, a temporary drop in unemployment followed by high unemployment.
    Paul Krugman proposes economic growth fueled by public and private sector investment, and policies that, in the long run, will help us eliminate our deficits and our dependence on foreign investment and purchases of Treasury bills to pay for the things we benefit from.
    Knowing the results of the failed Republican policies of years past, now made worse by the proposed implementation of an Angela Merkel style austerity plan, shouldn’t we try something different? Insisting on the implementation of voodoo economics is not a solution, it is the problem.

    • old_blu says:

      I appreciate your insight and well thought out reponses to these articles. And you are very much right on with this story too the trickle down crap does not work, and I think after 30 plus years, everyone can say it hasn’t work.

      Thank you National Memo for the Weekend Reader.

    • nobsartist says:

      Stockman single handedly bankrupted 30% of the American auto industry supplier base.

      Stockman advised raygun on the failed “for profit” health care system that has destroyed America.

      republiCONs are ASSHOLES and clueless liars.

    • bcarreiro says:

      if we want to never reach a depression we need to abolish the republican party altogether for they play blame games and alter the system to their advantage!!!!

      • nobsartist says:

        We need LAWS passed that help Americans, not protect criminals like the bankers and the republiCON party.

        If we do not get new laws that protect us from criminals, they are going to have a lot bigger problem than gun laws.

        The SECOND AMENDMENT was written to allow us to protect us from a government that operates as a criminal cabal that uses conversion of private property and extortion to control the people. Unequal taxation is another game corrupt governments use to throw people in prison and that is why it is time for America to arm itself.

        This so called mortgage and banking crisis was used to steal AMERICANS property.

        There will be HELL to pay for inaction and Obama and Biden are not going to do anything. Just look at how much money BIDENS “war on drugs” has cost us.

        Obama was a plant and Biden is part of it.

        Can someone please explain to me how the republiCON party and those that call themselves “Democrats” are different.

        • old_blu says:

          I thought that was Nixon’s war on drugs, and then Nancy took over remember “just say no”. Although they all have been following along with it for years and not doing much good for sure.

          I don’t have a problem with the Republican party or the Democratic party, I have a problem with the KKK and the john birch society renamed the tea party.

        • Sick of everything says:

          Are you serious?? Bidens war on drugs? That was started by Nixon. Difference between Dems and Reps? Your kidding right? Empty houses sitting for years doesn’t seem much like stealing, what are you on?

  5. Gilbert says:

    Paul Krugman makes a lot of sense. I am old enough to remember when interest rates on U.S. Treasuries were 12%. Most of those politicians who loud-mouth about “spending” have no idea what they are talking about. If they had to go out and earn an honest day’s living, they would be lost. They survive mainly on a system of “palm-greasing” from lobbyist in Washington, DC. As I see it… the U.S. Government has a choice between two options… Make an investment right now, at the record low interest rates {i.e., 30-yr treasuries @ 2.5%}… or wait until we are forced to “spend” under conditions of crisis… and at much higher interest rates. Suppose our benefactors, the Chinese, the Arabs, and those who still see the USA as a safe-haven for their money… suppose they demand interest rates on par with what Singapore is paying??? Suppose we have to pay 7% to 8% interest for the use of their money in the near future??? We will look like fools!!! When we could have accessed those funds long-term at 2.5%!!! Is anyone in Congress doing any thinking about our country??? Are they all just a bunch of skirt-chasing, liquor-swilling, money-grubbing opportunists doing the bidding of whoever is paying for their 2nd home? Ideology has no place in the debate… We do not really have a choice. We must act responsibly in a timely fashion. For Example: Our bridges, highways, roads, etc., are crumbling. There is at least 20-years worth of construction work that is long over-due…. I watched C-Span one night a few weeks ago. Vladimir Putin was addressing an audience of fellow Russsians. He was spelling out a program for making the countryside as attractive as commercial centers as are the big cities where people tend to amass. Mr Putin’s plan is to make Russia the NUMBER ONE food exporter in the world over the next 3 to 6 years,using hydroponic bubble technology, and he has pledged the resources of the Russian treasury to make sure it happen. This willresult in millions of Russians returning to work… This seems a far more responsible approach than that of bailing out some big banks that made stupid bets… banks that are ungrateful and that are not helping rebuild the American economy. Why is it that the Russians can come to a resolution and get it going… while our Congress cannot??? It is time for a plebiscite, a popular vote on the issue. To hell with Congress!!! They can’t do their jobs… push them out of the way. One-man one-vote, one-woman one vote on the issue of the day…Restoring the American Economy. We need to get started! Why should we not be the number one food exporters in the world? We have the technology. Why yield that ground to the Russians? Now is the time to invest whatever it takes… If private business lacks sufficient resources, then it is the government’s duty to help. Enough of the B.S. about socialism. Damn the labels!!! Taxes will be collected as millions are put back to work. Remember… 8.5 million jobs were lost as a result of the financial crisis… that’s 8.5 million jobs in an economy that requires 3 million new jobs a year just to keep pace with population growth. So we are nearly 20 million jobs behind schedule!!! These stupid, ignorant, childish, fool-ass republicans in Congress are in the way!!! and they completely miss the point!!!

    • As I am sure you already know, Russia is not the only country that is investing heavily in initiatives designed to strengthen their economy, raise their standard of living, and create jobs. Most Western European countries are doing the same in various ways, including tremendous strides in alternative energy production and transportation, China, Brazil and even India are engaged in similar efforts and are poised to replace the USA as the dominant economic superpower in the world within the next couple of decades.
      Special interests, brainwashing, greed, and political ideology are destroying our economy, our industrial might and our society. Like you said, all a politician or interest group has to say is “socialism” and the minions are overcome by collective hysteria.
      Does it really matter who takes the first step to stimulate our economy by investing in infrastructure, R&D, modernization, education and by proposing new concepts, processes or potential sectors to invest in? If the private sector is reluctant to invest because some sectors of our economy are saturated, or because they are not convinced consumer confidence is robust enough to produce a good return on investment, the only recourse left is public sector investment. The sooner our political leaders set their partisan traits aside and invest at home instead of crusades and sole source contracts for the chosen few, the better off we will be as a nation.

      • Dorothy says:

        Ever thought of running for office, Dominick? But then, an intelligent, articulate person, such as you, would more than likely go mad in the middle of our incredibly idiotic congress! I have been reading Krugman and Stiglitz – they make so much more sense than anyone else talking about the economy. Why, oh why, aren’t they listened to with more attention?!?

        • sigrid28 says:

          You, Dorothy; Dominick; and Paul Krugman are all doing something significant by countering the insubstantial arguments (really, just talking points) for failed policies coming from within the Republican bubble. I saw a one-hour interview with Krugman recently on PBS, and he has published consistently throughout this troubling period of Republican-inflicted instability. Not only would any one of us go bonkers trying to deal with gridlock in the Congress, people of our calibre have no place in Washington when running for office requires a personal, disposable fortune that would be wasted entirely once we took office and could get nothing done. Our best option is to insist on discourse and promote change.

      • Kent says:

        Dominick. Right on about doing a stimulous for renewable energy and energy efficiency systems. Even under Chancellor Merkls austerity – the Germans had the common sense to conti nue Feed In Tariffs and subsidies and tax write offs for “sustainability measures”. Sustainability is the biggest sector in the German economy today- providing hundreds of thousands of jobs- which cut fossil fuel consumption and costs.

        Germany just had anothe state election- and Red – Green edged out C.D.U./F.D.P – in Lower Saxony. The German “Bundesrat”, something like the Senate was originally, is now “red”. (social democrat)

        Germany has parallel public banks. And the coming move will put 100 billion per annum in sustainability. It is simply to add another 1 point to the 5% eco-tax on all fossil fuels. Then, take a full 25% of the eco-tax and leverage that on a 1 to 10 basis through the parallel public banks. (non-deficit stimulous) for low interest rate (less than 1% ) loans to further forward finance the factory production set up, production, and installation of fossil fuel free energy systems such as improved efficency solar (up from 15 to 70% efficiencies) , compact, concentrated solar, small wind, more large wind, and midi-mini- and micro- combined heat power systems displacing heating oil units.

        The latter will be “aqueous fuel” overunity systems, running “all aqueous”. from rooftop runoff rainwater. i.e. part of the power from a CHP unit, SMART GRID coordinated- goes to generating browns gas HHO- which powers the system.
        The goal- solar on every roof- and “water as fuel”, powered mini and micro CHP in every cellar!

        The coming German E-TALLY – program has other benefits. (Eco-Tax As Liquid Leveraged Equity.) Leveraging the eco-tax through state owned parallel public banks broadens their equity base- giving them stability. (and immune from global speculation.) And, it lowers government deficits in several ways.

        1. for every Euro in eco-tax going into the system- it generates 4 Euros in returning taxes via income tax, 19% Value Added Taxes, and corporate taxes.
        (this is what German government subsidies and stimulous programs are about- they are never a losing proposition.)

        2. Communities, counties, state level governments also borrow at low interest rates from the leveraged eco-tax program- at less than 1% interest to further install “energy efficiency” and renewable energy systems on their own buildings and operations. i.e. “building energy upgrades on city or public univeresity operated clinics… (re-windowing, facade and roof insulation, hook up to combined heat power lines) etc.

        3. Community and city owned utilities/which are combined with public transportation system will have more cash to invest in energy efficiency and renewable energy measures – cutting consumption. (in the German system, city owned utilities subsidize mass transit. a response to a stupid British neo-con, Thatcherite EU ruling that prohitited cities from directly subsidizing mass transit- but did not touch the subsidies for energy like oil, or natural gas.) So they shrewdly combined the utilities with cost and energy effective mass transit systems.
        Further efficiency measures- further build out of wind, rooftop solar, utility installed mini-micro-chp systems (running off water) alos include more rapid build out of sewage sludge methane recapture systems and converting coal to garbage incineration systems. Further expansion of utilty long distance heat hot water lines in dense areas.

        Accellerated build out of subway and/or light rail systems in all German cities.
        running off “green power”. (takes trafic off the road, saving money on fuel imports)
        German cities replaced bus fleets with fuel efficient microwaved air intake, turbo-diesel air intake injection engines- 55% more efficient- than old carburreted busses. (TDI saves a lot of money!) The next generation of busses will be hybrid diesel- combined with hho brown´s gas systems, which will
        busses will slash consumption by another 90%. I.E. Munkich´s bus fleet currently consumes 14.454.000 liters of diesel p.a.. At 88 Euro cents a gallon, that is 12.719.520 Euros. With E-Tally forward financing- it will upgrade the fleet – to hybrid TDI aqueous, slashing that by 90%. saving the city utility-transit system another 11.447.996 in fossil purchases a year .. which can go to other investments like upgrading all of its hydro-electric (bought in a Red-Green swap of nuclear participation for hydro- from Bayern AG, now E.ON) That repowering with new A +++ generators boosts output on hydro by about 70%. (fancy that.)
        And the leveraged eco tax will forward finance the build out of 6 North South, and five East West HVDC transmission lines.
        They will also forward finance pan – European HVDC- through Spain into Africa and down to Greece -which will go “boom” with sustainable and opening up its conventional and tight oil- (estimated to be over 8 billion barrels) Greece will slash fossil consumptin by aqeuous fuel tech as described, open up its own reserved, and build out solar heat-hot water, solar p.v. concentrated solar, and deep geothermal- to become a net exporter of over 30 GW of power onto the building out European HVDC grid- mostly geothermal.

        And, while Germany is getting off nuclear, it won´t have to build coal to replace it. The E Tally program will simply forward finance converting all of Germany´s nukes to a new form of dry hot rock p.g.. using horizontal drilling and circular pad drill tech adapted from oil shale and gas- (without the fracking of course.) City owned utilities are also building out. So by 2025- all nukes will have been converted, and other deep geothermal will have been added.

        Agrarian methane is a greenhouse gas. Germany is already building out agrarian methane recapture heat-hot water power systems. 5000 farms, 2.5 percent of German farms are equipped with it- generating 800 megawatts.
        With new improvements, such as putting additional Stirling heat recapture- we can boost average farm output from manure methane recapture- from 160 kw to 220 MW. Applied to all 200.000 German farms, that will put an additional 44 GW of baseline power on the grid. (That is, with rooftop solar, and farmer cooperative wind, plus “aqueous CHP etc) agrarian regions put out 4 times as much power as they consume. (From”nuke to poop” program) And it cuts 70% of greenhouse gas manure methane emissions while simultaneoously taking us of fossil natural gas.)

        Germany managed to slash its fossil consumption by 50% over a period of 20 years by a broad synergy of eneregy efficiency and renewable energy measures.
        That has been expanded, and the leveraged eco tax program will ensure that Germany will be off of fossil fuels- excepting the aviation industry- by 2025.
        That is “fossil fuel” energy austerity on the one hand, Keynesian non-deficit expansion of the sustainability sector on the other, as we accellerate the rate of exiting fossil with wind, solar, geothermic, bio-waste, aqueous combined cycle systems- to over 6 % per annum. And the rate of forced “sustainable build out” will determine the economic growth rates.

        Take Ireland as another example. It was badly taken in by the global real estate inflation, credit derivate swap, collateral rent schemes of the Bush era. Empty speculative housing, hotel and golf course projects are all over the country, like they are in Spain and Greece. (Donald Trumpism)

        ireland can build out agrarian methane waste recapturer for power and heat on all its farms, replace its heating oil units with aqueous CHP, put aquoues fuel systems on its vehicles to slash consumption, and accellerate its wind build out- so it will have a wind generation capacity of about 60.000 GW- exporting 20 GW to England via HVDC.

        Germany´s self amortizing energy transition will cost about 2 trillion Euros over the next 20 years. The leveraged eco tax will carry it, and slashed fossil fuel imports will amortize it…

        The bottom line is sustainability also creates wealth, and generates jobs.
        In the German “red green” areas where it has been systematically applied to cut per capita fossil fuel consumption to levels already 70% below that of the U.S., unemployment is now less than 2.5 %. (i.e. full employment)

        Krugman has often editorialized that only another deficit spending war can get the world out of the grips of the recession. Well, Germany has declared that war.. it is a global war on global warming, systematically slashing fossil fuel consumption by increasing rates- soon to be over 10% per annum.

        And, this is the point. Europe does have those parallel public banks which economic commentors love to ignore. And Europe does hav eco-taxes.

        A pan-European, pan E.U. “E- Tally” tax as liquid leveraged eco-tax program, split, with some even going to the European Central Bank for pan-European distribution, – will generate over 700 billion Euros per annum for less than 1 % interest forward financing of the rapid build out of renewable and energy efficiency technologies- – i.e. manufacturing set up, manufacture, and installation- which will accellerate the pace of the European “Clean Break” from Nuclear and Fossil. Now the cute thing is- it will return – 280.000.000 billion Euros to various levels of government through the income taxes of people employed in the program, the 19% V.A.T. on the net costs, and corporate income taxes.

        That is not only a non-deficit stimulous program, it cuts deficits in two ways returing incomes in the form of other taxes, plus reducing the various levels of governments own energy bills. (With aqueous fuel systems and e-cars- Europeans will replace the fuel taxes with cell monitored- “Toll Collect” road use tolls, pro-rated according to axle weight.)

        Future Energy systems. Goodness, I was recently out in an experiemtal lightweight carbon fibre car – mid engined GT…. with a 7 liter “Tuned” Ford V8 unde the hood generating- 900 BHP, one BHP to every kilo of car weight.
        The engineers had it running “all aqueous”. O – 60 in 2.5 seconds. Top End 410 KMH) – Fossil fuel consumption – zero.
        I watched as technicians took a Korean BEST Brown´s gas water torch, and hooked it up to a VW Golf Engine- driving a 20 KW generator. (losing 2 kw in power to drive the “water torch) but letting the unit run “overunity” on nothing more than run-off rooftop rainwater.

        Now here is the kicker. German´s just bounced a deal off Spain to sell 1200 Leopard II diesel engined main battle tanks to Saudi Arabia, Kuwait, and Indonesia. (A 14 billion Euro deal, thank you. We do keep our exports humming with top tech.) In order to decrease vulnerability in fuel logistics and cut fuel costs- those tanks will be equipped with compact- demineralisation- desalinisation units- combined with “all aqeuous systems which let them run off water.)

        Krugman is smart. And while he has been rightly critical of the German “auserity” measures (nothing compared to the U.S.) he hysterically avoids mentioning the eco taxes, the parallel public banks, the solar and wind feed in tariffs, or the state owned German rail, the largest clean tech employer in the country- actually making a profit for the state while slashing fossil fuel inports.

        Once upon a time, there was a Canadian Macro-Economist by the name of John Hargrove Hotson- who calculated the hidden environmental impact costs of the fossil fuel economy in the long run. (And the late Hotson´s preictions have all come true.) He advised then President James Earl Carter to set out on a program of building out sustainability in wind, solar, geothermal. (Remember the solar cells Carter had installed which Reagan removed from the White House. That impetus came from Harg. ) Now the Europeans are implementing Hargrove Hotson´s policies, and stabilizing after the “credit derivate swap – real estate nflation bust) and recovering with sustainability.

        Goodness, there is a special neo-Keynesian field here in Germany- following the late Hotson lead- called “Strategic-Sustainability-Macro-Economics”.
        The non-deficit European E-Tally program- which will generate over 600 billion Euros a year. as described is the first phase on the global war against global warming.

        Strategic sustainability also has something to do with defense energy budgets.
        The Eurofighter was a slightly cost overrun plane from EADS/Airbus that vastly outperformed the F 22 Tomcat. That upset the Pentagon brass so they pushed the boondoggle – F 35 program (at 200.000 million a shot) For the total price of that program alone, we German-Americans could slash half the U.S. fossil consumption.)
        And how will the Europeans make that F 35 program obsolete. Well, they just developed another form of renewable energy – fancy fucking that.

        It captures the positron wave function of Beta particles (positron/electron-neutrino couplings) related to gravity. A insulated sheet of graphene on the inerior of the wings and fuselage charged with a positron charge actually lowers the passive mass of the Eurofighter- while generating a massive amount of positrons- which go to extra- small compact- dual magnetron ion thrusters attached to the wings. A special coat of negative charged graphene gives it “an anti radar and optical invisility cloak.” (Bam another triumph of European engineering like the A 380 airbus.) And that will be applied to the airbus- fleets to further slash fossil fuel consumption.
        GFR has another application. Namely in a special form of mass desalinisation.
        and brown water treatment. Africans and Arabs are lining up to buy big units of that- producing 1 cubic meter of fresh water per second. (We have to Green the Sahara, Saudi Arabia, and east and west Africa to combat global warming. Germans developed the tech, and preliminary estimates for orders on that
        are for over 8000 big units (which amortize themselves very quickly in terms of increased land values.) Even the poor small country of Cap Verde Islands will apply that, wind, geothermal, and aqueous fuel systems to totally turn its economy around… forward financed by the German leveraged eco tax fund.

        I noticed President Obama promised a U.S. lead in clean tech. As an ex-pat in Germany, I can only say “welcome to the global war against global warming”, but instead of trying to “reinvent the wheel”.. look very carefully at how Germany already gets 25% of its energy from renewable and will be off nuclear by the end of 2022, and 80% off fossil by 2025 (the U.S. goal of 25% is where we are now.) and 100% off by 2035.

        Krugman is brilliant. But, when it comes to a sound economic recovery based on sustainability to lower the impac of climate change, the really smart European money is betting on the work of the late John Hargrove Hotson, one of the economic advisors to President James Earl Carter. Perhaps Paul would like to go look at some of Hotsons work. One very funny piece to start with is
        “Stagflation and the Bastard Keynesians”.
        Europeans will do their “leveraged eco-tax” program as the non-deficit 700 billion a year stimulous- and actually balance budgets that way. (you can have “austerity” and “stimulous” tha way.) And the only people who will lose out are the shareholders of Bakken field stocks and the people who backed Romney for President.

    • FredAppell says:

      Gilbert, you hit the nail on the head but what you forgot to mention is the reason why. Americans have created a culture of impatience and greed. Suffice to say that if people can’t make the quick buck than it just isn’t worth the effort. Everything you mentioned is based on a long term plan with sound investment but unfortunately greedy people refuse to see the value in that.

    • amarquez647 says:

      Yes they have. IBM has 100,000 jobs in India, 400,000 jobs worldwide. I could not find number of job in the USA, only numbers of layoffs. Hypothetically, if a company belongs to where they have the highest numbers of employees, is IBM an Indian company. Can we stop the bleeding of jobs? We are going to wake up or go under!

  6. Ed says:

    The right knows it worked for FDR and do not intend to allow it to happen again. When will americans wake to the fact that destruction of the goverbment is the aim of the republicans?

    • I read this Krugman book months ago after spotting it in the library (hard-bound edition)…and I’ve been touting it in threads ever since. It is amazing to me how many nimrods have been brainwashed to believe that Keynesian economics as a theory has been discredited. No one in most internet discussions has bothered to read about how FDR got America out of The Great Depression. People are just willfully ignorant and blindly partisan.

      I just learned that the right’s darling economist Milton Friedman worked in FDR’s administration. Imagine that!…Friedman not only benefited from Keynesian economics by being given a government job…he helped promote Keynesianism by working to help it succeed. Which it did…in spite of Republican attempts at austerity measures in 1936…which set the recovery back a bit. Ronald Reagan’s father was also a beneficiary of FDR’s public investment by giving him a steady job and paycheck, putting food on their table and restoring his self-esteem from the rock bottom of unemployment…and related alcohol abuse. Young Reagan never forgot the difference that FDR’s Keynesian economic policies meant to his family’s life…until he got much older…and became a Republican.

      The main point of Krugman’s book is that time is critical. And that jobs and employment have to be restored ASAP to get the DEMAND side of the economy going again. It is spending and demand that in turn creates more jobs…as small businesses hire more people to deal with that rising demand. Supply-side economics have failed both times they’ve been tried. The ‘good times’ were an illusion…as ‘borrow and spend’ , tax cuts for the rich and private sector deregulation Republican policies set us up for unstable boom and bust cycles. Which further enriched the insider players who rigged the game.

  7. john says:

    the debt,,,overspending,,, borrowing,,,,,, waste,,,, fraud,,,,,aid welfare fraud,,,,,,vacations of obamo 100,000,000 millions there alone,,,,,,100 here 500 there green enegry brankrub companies with 100 of millions of tax dollors bank bailouts,,,,car companie bail out,,,,, wall street bail out,,,,,,,,this is the cancer,,,,,,,,,,collage educatted idiots caused this

    • dtgraham says:

      You pretty much have all of the Fox News and wing nut radio talking points down pat, complete with nonsense words and phrases, grammatical and spelling errors, imaginary problems, and outright fiction. Well done.

    • John…that is an amazing replication of Teabilly stream of consiousness. I can’t decide whether to ‘like’ it for it’s creativity and humor…Or not ‘like’ it…in case it’s NOT a parody. I’m leaning towards parody…only because you spelled so many of the big words correctly.

  8. Kent says:

    Do non-deficit stimulous. New York just started a renewable energy parallel public bank.
    Now, create a new nationwide energy tax- only 2% net on all forms of fossil fuel…and then split that up between to be established parallel public banks- Federal, state, and city-county.

    Leverage that eco tax 1 to 10- for the fast production set up, production and installation of renewable energy systems… solar, wind, hydro repowering, anchored on stream hydro- and brown´s gas hho midi-mini- and micro Combined Heat Power systems in buildings displacing heating oil units. (free energy from rooftop runoff rainwater.)

    Create millions of jobs in the clean tech sector- making it the biggest sector in the U.S. economy like it is in Germany. That cuts energy costs exponentially –
    Oh, and energy efficiency programs as well. Even with Chancellor Merkel´s “austerity” the German economy hums along thanks to “red-green” policies having built out eneregy efficiency and renewable energy systems- which leave private and city owned utility systems money to reinvest in clean energy- further cutting consumption and fossil costs. Sustainability is a self igniting economic engine. Stop burning money with sustainable and the economic growth is guaranteed.

  9. Andrew says:

    Recently, former GOP VP candidate Paul “Freddie Munster” Ryan made the bold prediction that he can “balance the budget” within a decade without raising taxes or touching Social Security, Medicare and the Defense budgets. To do this, of course, would take Draconian cuts to other programs in order to achieve that. In addition, according to Ezra Klein, the last year in that decade would require $800 billion in cuts where only $1.5 trillion in spending can be cut, resulting in cuts of more than 50%….I can do better than that!

    As of last year, Freddie’s Draconian Cuts Budget (or, as Klein calls it, “The Big Dumb Spending Cuts Budget”), claimed that it’d take three decades to balance the budget…that’s 30 years! In “Name that Tune” fashion, Freddie has said he can now balance that budget in 10 years. Freddie, I can balance the budget in ONE YEAR! Yes….ONE YEAR!

    The latest financial fiasco, the “Fiscal Cliff” negotiations, was finally resolved on the second day of the new year, the last day of the 112th Congress. But, what many people forget is that those negotiations only resolved one part of the true drivers of our debt: tax rates on the wealthy (Defense Spending and other low tax rates paid by the wealthy and big corporations are the rest of them). That’s it…just the tax rates paid by wealthy people. Many people also forget that the Bush 43 tax cuts contained within them thousands of loopholes that the wealthy and big corporations use to avoid paying taxes. And, the fiscal cliff resolution left alone the tax rates of big corporations, as well.

    According to the White House’s Fiscal Year 2014 budget, the amount of tax revenue realized from personal income tax is $1.2 trillion. That amount was assuming that none of the Bush 43 cuts were repealed. The estimated corporate income tax revenues? You might want to sit down for this, if you’re standing, because, if you’re anything like me, you’re going to be astounded with the piddling amount of taxes corporations are projected to pay next fiscal year: $365 billion! And, that doesn’t include the corporate subsidies that successful companies are given, which are also part of the Bush 43 tax cuts, which amounts to about $100 billion! When you consider that the big US corporations ALONE make about $3.2 trillion in taxable income per year, the $365 billion they’re expected to pay is an effective tax rate of 12.2%! Also remember that the projected budget deficit for FY 2014 is $800 billion.

    I’m now going to be employing mathematics here, so I’ll be going way over the heads of the intellectually-challenged GOP. Look away, GOP kids, it ain’t gonna be pretty….if the lower tax rates for big corporations are repealed and all of those loopholes that those big corporations and wealthy people use to pay significantly lower taxes are closed, we’d have a, gulp, $208 billion SURPLUS for FY 2014! A SURPLUS! A surplus that can be used to REDUCE THE DEFICIT! But, of course, we can’t have that, according to the GOP…the wealthy and big corporations are the “Job Creators” (that’s one of the most scurrilous lies you’ll hear from the GOP, the Party of Pants-on-Fire, Whopper and Four Pinocchio Lies). Klein is correct: the austerity plans of the GOP are, in fact, Big Dumb Spending Cuts…Krugman is correct, as well: we need to keep spending in order to get out of the financial mess that the GOP created. However, if our government does what I propose, I CAN BALANCE THE BUDGET IN FY 2014! Forget 2038 or 2023, I can do it next fiscal year! Is there anybody out there who can do it even quicker?!?

    • InsideEye says:

      I nominate you for Sec of Treasury, minus Krugman. Corporate loopholes must be closed for all maybe even for GE. The question also is what / how many jobs are being supported by these loopholes. Some have estimated that of all corps like GE et al would only make up for a few months of revenue to keep us spending at present rates…..what brave Democrat an one brave Republican wants to debate this in a public forum…with no commentary from CNN and Fox opinionators…only us the public!!!

    • Michelle Rose says:

      Whoa, Andrew. I second the nomination. Damn fine analysis and spot on. The deficit CAN be reduced in one fiscal year. BUT:

      That would also mean equitable taxes on corporate profits (which is the sworn fiduciary responsibility of any corporate CEO or CFO to avoid paying) and zero subsidiaries to big banks and those they lend to: corporations. It also means that the interest that the banks get from us, the taxpayers, on our home loans, car loans, and credit cards is the REAL reason Republicans have zero interest in reducing the deficit. No, I have not conflated public debt with private debt. As you well know, private debt increases public debt. Since banks are allowed to loan up to 90% of our money (held in trust in a checking or savings account), using the remaining 10% as “leverage”, this means that big banks also have to borrow from other sources, i.e., the Feds. Where did all the money go that the banks lost in the Crash? Why, right into the pockets of the super-wealthy who then reduced their own debt with accounting tricks, secret offshore bank accounts, and outright lies. Less than two dozen men profited obscenely from the Crash. We know who they are; Matt Taibbi of Rolling Stone magazine has identified them and how much they stole.

      (Two wars with no purpose other than grandstanding on top of the bodies of dead Americans also increased the deficit. But I digress.)

      Face it, folks: we’re being screwed blind by people whose net pay is six hundred times that of the average American worker. Why? No reason, actually, it’s just how they play their game and since we don’t have the cash, we can’t play.

      The ONLY way to level the playing field (short of an armed and VERY bloody Second American Revolution which I am NOT advocating) is to elect reps to Congress who understand economics and aren’t blinded by partisanship. Elizabeth Warren was a good first step. If we had a dozen more like her in Congress, then we would have a fighting chance to reverse the damage done to this country’s economy and infrastructure.

      But as long as there are shamelessly twisted individuals like Boehner, McConnell, and Paul Ryan in power, we will have chaos and lies and outright theft.

      It can be done, Andrew. Perhaps you could help us to make it happen. As a loyal American, it’s my duty to point out that you also have a duty to your country. Run for office. Lead the way. A dozen or more like YOU could also turn the tide.

  10. I’m curious to know WHY this Administration wouldn’t have chosen Mr. Krugman for Secretary of the Treasury or to oversee the SEC? He, at least, is on the side of most Americans.

    • HistoRet says:

      I can’t tell you whether President Obama considered asking Krugman to become Sec’y of Treasury ~ or if maybe he did ask him. But I CAN tell you what Paul Krugman told the 200,000 people who petitioned the President to appoint him. What HE said was that Jack Lew is the best man for the job because he is THE master of the budget. If by chance he is in need of any of the esoteric information that he (and another fellow he mentioned whose name escapes me) could provide, they would be at his disposal. Krugman convinced me that Obama picked the right man.

  11. jointerjohn says:

    If Paul Krugman was appointed Secretary of the Treasury we could see the greatest expansion of our economy in modern times. It will not happen because Krugman believes in an economy that serves us well and does not disproportionately favor the 1% at the top. Sad indeed because he is exactly on point to wide-spread success and economic health for all.

  12. RodgerMitchell says:

    Wow, Krugman finally wakes up to what Monetary Sovereignty has been saying for more than 15 years and MMT has been saying even longer than that.

    He’s still a bit behind with his inferences that increased federal spending should be temporary, until the recession ends, but at long last he’s closing in on the truth. Is anyone listening?

  13. FredAppell says:

    I agree with your assertions 100%. Here is another perspective to think about. All the right-wing arguments and bluster come down to one simple fact. The only ideology the right-wing truly cares about is money. No matter how they dress it up, it still always comes back to money. If you ask them they will gladly tell you that money equals liberty. I for one refuse to be a slave to the so-called almighty dollar. I am not infallible but money is not going top help me to reach my full potential as an evolving human being.

    • InsideEye says:


      • FredAppell says:

        I don’t have the answer and I never claimed to but I am more willing to listen to Krugmans proposals than a bunch of politicians with an agenda. It’s obvious you are not a fan of his but you need to keep an open mind. As far as people moving out of high taxed states goes, there are a number of reasons for that. Pay checks have remained flat for millions of Americans and so naturally some people will leave the states that provide a higher standard of living. Many more people are chasing manufacturing and high tech jobs that are leaving higher taxed states but you make it sound like it is some mass exodus going on of which it is not. Stop blowing it out of proportion because it doesn’t help solve the problem by being disingenuous.

    • Michelle Rose says:

      Quite right, Fred. Money is the only ideology that the Right recognizes. All else is window dressing and utter nonsense. Money does not equal liberty, it equals only more slavery.

      Perhaps it’s time to consider using something other than the insanely twisted mess we call “free-market” capitalism.

  14. option31 says:

    Well I’d like to put a long winded response to Krugmans idea of spending our way to prosperity BUT but I’m on my way out the door to spend my next 12 months salary on frivolous over priced stuff. I’ll let you know how rich I feel when I get back.

    • option31 says:

      Well I’m back from trying to spend my way to prosperity, boy do I got a lot of stuff. Bill will be due in 30 days — any takers on paying the bill?

  15. rustacus21 says:

    The President continues missing 1 opportunity after another, in not surrounding himself w/true Liberal/Progressives, to as the authors here explore in coming to consensus on ending this, the longest, most sustained & PURPOSEFUL conservative-engineered & MAINTAINED (thru intimidation, threats & FLAT-OUT refusal to carry out the duties & responsibilities of elective office. As this is the case, President Obama/administration have no obligation to give 1 iota to conservatives, either in consideration or negotiation, of any of their proposals. Having nothing to lose initially or now, post 2012 electoral victory, the administration must know by now, conservative policies DO NOT WORK & in fact, have been responsible for intentional damage to income & wealth mobility to the Middle Class & working poors’ ability to distance ourselves from poverty & wealth inequality. By refusing to include more Liberal/Progressive intellectuals in the administration is doing it nor the American people any favors – instead, continuing the hellish nitemare of this Depression that didn’t have to be or to continue, post-2008 Obama victory. 1 miscue, 1 error, 1 miscalculation after another has meant greater, more extreme damage heaped upon an ever-expanding deprivation life standard(s) for America’s 98%, while the 2% dictate policy rules to the administration. Obviously, American’s aren’t aware enuff of the magnitude of this whole debate, as the pressure isn’t enuff to prevent Wall St. insiders such as Lew & White, among others. Their closeness to Wall St. causes obvious concerns, as past 2001-2009 administration retentions & appointments. Otherwise, we could have been so much further distanced from the hell of the 2001-2009 administrative catastrophe’s…

  16. Krugman has been telling the president this simple but proven method of turning around our economy for a long time. Instead Obama listened to Summers,Geithner and Reuben all ex-wall street swindlers. Mr. President how can you inspire so. but not deliver on the biggest fraud on the american people in my lifetime.

  17. rafibaby says:

    Paul Krugman is right on with his non-austerity writings. The strongest way to get our economy on track is for business to become profitable; and for business to become profitable is for people to have funds that enable them to purchase products and services. Austerity measures take away the ability for people to make those purchases. We see this already in Europe’s austerity measures. Because of their austerity measures, Europe is seeing increasing joblessness, foreclosures, and folding of businesses. Republican conservatives are supposed to be experts in economic matters. I don’t understand why they don’t see this.

    • InsideEye says:

      What would Krugman spend the money on. It seems all of the stimulus thus far has only neutralized productivity, and growth., it seemed to increase taxes by 2500 dollars for the Obama protected ? Middle class. Harvard staff were looking at their pay checks and fould large chunks missing…..they voted for it and many others.

      Spending all this money on health care and ” meaningless use” Information Technology solutions is resulting in a huge expense in medical care……I work in it. A physician is not going to access medical records that many days old if you happen to fly in from LAX and have cardiac problems etc. in NYC….he will re order necessary testing and confirm his diagnosis then….and not rummage through endless time consumming on-line records. The human body changes rapidly from one to another at times……it is a boon to the IT industry. This is the biggest boon doggle since Solyndra…..worse, much worse.

  18. ObozoMustGo says:

    Paul Krugman is perhaps the most stupid man alive to call himself an “economist.” What a charade that idiot is.

    Where does the money government spends come from? Can any of you leftist freaks who are devoted to Keynesian fantasy answer that question?

    Awaiting your response I remain….

    Have a nice day!

    “You can only confiscate the wealth that exists at a given moment. You cannot confiscate future wealth — and that future wealth is less likely to be produced when people see that it is going to be confiscated.” – Thomas Sowell

    • Michelle Rose says:

      Nice. No facts, no evidence, no truth. Only slogans and name-calling.

      Somehow, I doubt that you ever turned in a college paper that wasn’t returned covered with “cite!”, “reference?” and “proof?” notations along with a failing grade in that class.

      That’s assuming you ever attended anything other than a vocational school. I may be wrong. You might have attended a good college. Your writing damn sure doesn’t indicate it, though.

      The money comes from suckers like you that voted for scoundrels who took it and spent it on wars and subsidies to billion-dollar corporations and banks.

      A hint, O Cleverly Named Scoundrel: when you use the word “stupid”, it makes you look stupid.

      • ObozoMustGo says:

        Moochelle… you really had to dig back in the archives to find this one from January. You must be bored with your life. Understandable from a moron leftist freak. Answer the question:

        Where does the money that government spends come from?

        Awaiting your response I remain…

        Have a nice day!

        “Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.” — Frederic Bastiat, French economist (1801-1850)

  19. InsideEye says:

    What would Krugman spend the money on. It seems all of the stimulus thus far has only neutralized productivity, and growth., it seemed to increase taxes by 2500 dollars for the Obama protected ? Middle class. Harvard staff were looking at their pay checks and fould large chunks missing…..they voted for it and many others.

    Spending all this money on health care and ” meaningless use” Information Technology solutions is resulting in a huge expense in medical care……I work in it. A physician is not going to access medical records that many days old if you happen to fly in from LAX and have cardiac problems etc. in NYC….he will re order necessary testing and confirm his diagnosis then….and not rummage through endless time consumming on-line records. The human body changes rapidly from one to another at times……it is a boon to the IT industry. This is the biggest boon doggle since Solyndra…..worse, much worse.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.