Government shutdown

What would you like to happen?

Comment by Warren on October 7, 2013 at 12:31pm

Seems Gallup's Mirror has I think might have been listening to Paul Krugman too seriously although I could be wrong on that assumption, spending and spending to get out of a recession is just absurd. I know he is the darling of some, but I find him pompous and arrogant. After the trouncing that Pedro Schwartz gave him, an education of Austrian economics I have little confidence that I would trust anything he would say.

Comment by Gallup's Mirror on October 7, 2013 at 2:09pm

Seems Gallup's Mirror has I think might have been listening to Paul Krugman too seriously although I could be wrong on that assumption, spending and spending to get out of a recession is just absurd.

explained the basics of New Keynesian economics well enough: the short-term economic output during recessions is strongly influenced by total spending in the economy. Unemployment causes consumers and businesses to spend less, leading to more unemployment. Revenues from income and sales taxes falls, causing spending on 'safety nets' like unemployment and food stamps to rise. The cycle gets worse and it's a trap because everyone is spending less and the economy shrinks.

Now you explain. How this is absurd? How do we 'not spend' our way out of a recession? If spending doesn't do it, then explain the mechanism that does. Enlighten me. Be specific.

I know he is the darling of some, but I find him pompous and arrogant.

Is he a big snot-nosed, funny-looking, poop head too?

After the trouncing that Pedro Schwartz gave him, an education of Austrian economics I have little confidence that I would trust anything he would say.

Oh, I have no doubt that a given Republican crackpot will say Pedro Schwartz-- of the Koch Brothers' right-wing Cato Institute-- totally schools Nobel Prize winning economist Paul Krugman.

Google most right-wing crackpot "economists"-- Milton Friedman, Ron Paul, David Stockman-- and you'll find someone doing a "he's better than Krugman" routine. 

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