It’s been a while a since I’ve read a Paul Krugman article. I’ve been busy with a lot at work (hence the lack of a lot of blogs lately) and well, Paul’s line of drivel you have to be in the right mood for anyway. But I had some free time yesterday and it appears that this moron’s moron thinks he’s in a position to critique Romney’s understanding of economics (Remind me Paul, how many businesses have you created and saved over the years…zero? Fascinating.)
So, Krugman’s critique is twofold. First the Romney campaign had a photo-op speech at a closed plant, which they admit was symbolic of the Obama administration, but actually this plant closed during the Bush years…and it’s unfair to blame Obama for the fact that the bad economy started under Bush but has gone into a tailspin under Obama. This is an interesting critique, because even the Romney campaign says the plant was a symbolic image not a literal one, and Krugman is throwing a hissy fit as if Romney is blaming the Obama for this particular plant closing…and not you know, using the image as a symbol.
The second part of his argument is that it’s all Bush’s fault and Obama is not to blame for anything….
“Which brings me to another aspect of the amnesia campaign: Mr. Romney wants you to attribute all of the shortfalls in economic policy since 2009 (and some that happened in 2008) to the man in the White House, and forget both the role of Republican-controlled state governments and the fact that Mr. Obama has faced scorched-earth political opposition since his first day in office.”
That’s right. He had his hands tied “since the first day in office.” You know the first day where he had a Democratic House and a Democratic Senate. You have no idea the hurdles you have to clear…especially when like 10 Republicans in the Senate are RINOs. Is Krugman the worst liar ever…or just unbelievably stupid?
“But that’s not the critique Mr. Romney is making. Instead, he’s basically attacking Mr. Obama for not acting as if George Bush had been given a third term. Are the American people — and perhaps more to the point, the news media — forgetful enough for that attack to work? I guess we’ll find out.”
Actually, Paul, he’s attacking Obama (man of higher regulation, deficit spending, increased medical entitlements, stimulus, government takeover of industries, letting the Fed get away with crippling low interest rates and inflation, over and under regulation in the wrong areas, and giving into unions at every turn) for actually acting just like Bush (man of higher regulation, deficit spending, increased medical entitlements, stimulus, government takeover of industries, letting the Fed get away with crippling low interest rates and inflation, over and under regulation in the wrong areas, and giving into unions at every turn)! The fact that many of Bush’s policies didn’t help the economy is because they were inherently Keynesian, like Obama’s and like yours. I liked and supported Bush at first because I liked his rhetoric of lower regulation, tort reform and less spending…but the facts are that he didn’t do any of that and in the end was just a hint of things to come with Obama. So yes it is Bush’s fault for the start of our economic problems (and his Democratic Congress…can’t forget to blame them too)…and it is Obama’s fault for looking at a forest fire and deciding to throw kerosene on it.
But does Krugman admit that this? That his Keynesian BS policies are to blame? Nope. In fact did you know we should get down on our knees and thank Obama for saving us?
“This is especially true if you focus on private-sector jobs. Overall employment in the Obama years has been held back by mass layoffs of schoolteachers and other state and local government employees. But private-sector employment has recovered almost all the ground lost in the administration’s early months.”
This is really interesting as Bureau of labor statistics say that in 2008 there were 113 million private sector jobs and now they say there are 110 million private sector jobs. (I’d love to show you a single chart than can map the private sector employment month by month through the Obama administration…but the labyrinth that is the Bureau of Labor Statistics is designed not to give you raw data, only the spin of the administration in power). So 110 million is “private-sector employment has recovered almost all the ground lost” from 113 million…if you ignore 3 million people…and all the people who entered the workforce…and ignore that a lot of those are double counted as a lot more people who have jobs have two jobs right now…and if you ignore that a lot more of the 110 million is lower paid jobs than when we had 113 million. So if you ignore all that we’ve completely recovered. Oh and as to his thing about teacher’s getting fired, first, lots of teachers do need to be fired, but as I doubt Krugman is going to argue to get rid of union’s favorite “last hired, first fired” policies his words ring rather hollow…the most inept teachers are still on the payrolls and still need to be fired. And Krugman himself is one to point out that all of those state and city loses have been matched if not exceeded by the growth of federal government employment (you know the one sector that should NEVER grow during a recession, depression…or really ever under any circumstances).
“I guess accusing Mr. Obama of not doing enough to promote recovery is a better argument than blaming him for the effects of Bush policies. However, it’s not much better, since Mr. Romney is essentially advocating a return to those very same Bush policies. And he’s hoping that you don’t remember how badly those policies worked.”
Actually Romney isn’t advocating returning to Bush’s big government, spending craze. But let’s look at what Obama could have done, which had he done these things we would be well into real recovery by now.
Cut spending. If Obama had cut every Department and Office by 5% on day one (which Romney is going to do) and then set down to finding out what can be further cut and keep cutting until we actually didn’t spend more than we take in (which Romney has also promised to do) the dollar would be stronger, inflation would be lower and we wouldn’t be feeling as many ripples from much of Europe’s imminent collapse (and keep in mind it’s collapsing for doing all the things Krugman has always said we should do over here…except maybe Sweden which has been becoming more and more capitalistic and oddly enough more and more economically stable).
Lengthen the time for medical patents…instead of regulating drug companies and the companies that make the chemicals that are needed to make those drugs to the point where most of them are planning to leave American shores forever if this jackass is reelected, thus causing massive shortages in the nation’s drug supplies…if you had cut regulations and extended the time to hold a drug patent you would have spurred further investment into private R&D (you know the kind that actually yields results).
Letting insurance cross state lines…hmmm actually allow insurance companies to have to compete. As I recall competition always lowers costs. Which would be much, much better than a government take over which will skyrocket costs.
Pass right to work. Instead of kowtowing to the unions which drive up costs and produce some of the worst teachers conceivable, maybe passing a right to work law in this country (which I believe Romney wants…and on a side note Santorum, like Obama would fight to the death to stop).
Cutting Fannie and Freddie loose. Instead of wanting MORE sub-prime loans which caused the housing bubble…maybe we could fire sale what these two horribly disastrous companies own and bring some sanity and stability to the market.
Reducing or ending all student loan programs…like the housing market, the government has over inflated the cost of college. College loan programs needed to be gradually reduced and then ended. Yes this will probably kill funding into theoretical physics, causes causing T.A.’s to be a thing of the past, and make professors actually teach their courses instead of writing useless journal articles that no one reads…I’m just so broken up by this. Oh it will likely reduce every college student’s tuition costs, which means the middle class will no longer enter the work force already under crippling debt.
Cut regulation…in general there are too many regulations on the books. You know that expression that ignorance of the law is no excuse…well that was in a day and age when most laws were seemingly common sense…at this point there is no way that every American is not violating 50 U.S. regulations that they know nothing about nor could conceivably know. Regulation is a just and necessary function of the government, but what the government is doing these days isn’t regulation, it’s tyrannical insanity.
Cut the minimum wage (or just end it). Yes I know this is a long long shot, and not even Romney is proposing this…but it would actually spur hiring, especially for low skill workers who could, oh I don’t know get skills and experience.
Drill. ANWAR, oil shale, Keystone, drill, drill, drill. Even if it doesn’t immediately boost production it lowers the fears that oil speculation thrives on. If you know what that there will be supplies for years to come then prices in any commodities market goes down.
Support border patrol and sane immigration and guest worker programs. The fact is that the open border breeds both crime from the cartels (which have been supplied with a great deal of firepower by Eric Holder and Barack Obama…who if they weren’t who they were, would be guilty of aiding and betting in murder…or at least you would be if you knowingly ran guns for the cartels) and it breeds massive government expense in healthcare costs for illegal immigrants (which have crippled some border states) and education costs for the children they bring. This needs to stop. Close the border, and allow guest workers (not their families) to come in.
Support democracies not terrorists…oh and maybe if we supported democratic revolts (like the Iranian protesters Obama just let get slaughtered) and not fascist juntas (like the Arab Spring) it might help stabilize the world economy, which would always be good for us.
Lower the capital gains tax. Hell, do away with it. Any first year economics student could tell you how this will be the economic equivalent of shooting adrenaline into the heart…it takes a Nobel Prize winning Yale economist (and he won for research in microeconomics…he knows less than anything about macro) to not know this basic fact of reality.
Tort Reform—I can’t beat this drum enough. Tort Reform. Tort Reform. Tort Reform! Kill the ABA and their ambulance chasers, reducing insurance and overhead costs at EVERY level of every industry…you think that might have a cascade effect to spur investment and the economy.
Let’s go back to Krugman’s statement:
“I guess accusing Mr. Obama of not doing enough to promote recovery is a better argument than blaming him for the effects of Bush policies.” Actually I blame Bush for not doing a lot of this too. I just think that Romney will try to do a lot of this, and assuming he gets a GOP House and Senate he will be able to accomplish a lot of it.
“However, it’s not much better, since Mr. Romney is essentially advocating a return to those very same Bush policies.” Well there’s a lie if ever I heard one. Please, Paul could you give me a specific Bush policy that Romney wants to return to? Because I think Ryan’s plan that Romney has endorsed is about as un-Bush as you get.
“And he’s hoping that you don’t remember how badly those policies worked.” No, he’s not hoping that. He’s knows that “It’s about the economy…and we’re not stupid” like you are Paul.