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Paul Krugman | Nobody Understands Debt

Wed, 01/25/2012 - 20:50 — Dave Culver
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  • When people in D.C. talk about deficits and debt, by and large they have no idea what they're talking about - and the people who talk the most understand the least.
  • The economic “experts” on whom much of Congress relies have been repeatedly, utterly wrong about the short-run effects of budget deficits.
  • World economy set for another major downturn
  • All the GOP's Gekkos

Paul Krugman, New York (NY) Times

In 2011, as in 2010, America was in a technical recovery but continued to suffer from disastrously high unemployment. And through most of 2011, as in 2010, almost all the conversation in Washington was about something else: the allegedly urgent issue of reducing the budget deficit.

This misplaced focus said a lot about our political culture, in particular about how disconnected Congress is from the suffering of ordinary Americans. But it also revealed something else: when people in D.C. talk about deficits and debt, by and large they have no idea what they’re talking about — and the people who talk the most understand the least.

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Related:

World economy set for another major downturn, Nick Beams, World Socialist Website

  • Despite the trillions of dollars handed out to the banks and financial institutions over the past three years by governments around the world, nothing has been resolved.
  • Who Will Fix the Economy?

Paul Krugman | All the GOP's Gekkos, Paul Krugman, New York (NY) Times

  • Almost a quarter of a century has passed since the release of the movie 'Wall Street,' and the film seems more relevant than ever. The self-righteous screeds of financial tycoons denouncing President Obama all read like variations on Gordon Gekko's famous 'greed is good' speech, while the complaints of Occupy Wall Street sound just like what Gekko declares at one point in private: "I create nothing. I own." At another, he asks his protege, "Now you're not naive enough to think we're living in a democracy, are you, buddy?"
  • How the GOP Tries to Transform America into a Selfish, Souless Place
     

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