Funny how time changes things… or does your political slant just change the “view” of things?
Today Paul Krugman wrote an article which he explains to us dummies why giant deficits are actually great for our economy and in fact should be bigger. Huh?
However, it wasn’t too long ago that Krugmen penned an article titled “Off the wagon”which he said…
Picture a recovering alcoholic falling off the wagon. First he says he can handle a few drinks. Then, when his inebriation can’t be denied, he insists it’s only a temporary lapse. But eventually he turns mean. ”What’s so great about being sober?” he growls, reaching for another bottle.
As a drunk is to alcohol, the Bush administration is to budget deficits.
And from his Wiki page…
In September, 2003, Krugman published a collection of his columns under the title, The Great Unraveling. Taken as a whole, it was a scathing attack on the Bush’s administration’s economic and foreign policies. His main argument was that the large deficits generated by the Bush administration-generated by decreasing taxes, increasing public spending, and fighting a war in Iraq – were in the long run unsustainable, and would eventually generate a major economic crisis. The book was a best-seller.
Maybe another more “unbiased” economist could chime in and tell us all if the deficit is good? How great is $9 Trillion more than we already have? How do we pay off this staggering number… how????