[quote=Allan from Fallbrook]
As to your comment about him “smacking down” his opponents: He’s gotten roughed up nearly as much. He’s also seen quite a bit of his credibility lost in those rather pointless exchanges, too. Which is sad, because I was once a big fan of his work, but have watched it increasingly tainted by shrill, partisan attacks.[/quote]
The problem with economics in a academic setting there’s no possibility of setting up an experiment to prove that a economic model is correct. Krugman can always say he is right because he can always say if you had done it earlier, or bigger, or also implemented this other thing it would have worked.
If you’re going to make that argument than I can just as well make the argument about cutting spending, balancing budgets, restoring individual freedoms would work. Well you didn’t do what I said to do and therefore the problems you’re experiencing now wouldn’t have happened if you did it my way.
Obviously cutting spending and returning to balanced budgets would be painful if we did it now, but it’s always going to be painful and if we keep increasing debt faster than GDP it just becomes more and more painful.
Wouldn’t have it been a lot easy to balance the budget back in 2001 when you could cut spending by 10% and raise taxes a bit. Wouldn’t have it been easier to balance the budget in 2008 when you could cut spending by 20% and raise taxes a bit more. Now we’re looking at cutting 40% of the government budget and no one can fathom that so we have spend more and more and more, until we meet the judgement day when the market realizes you aren’t going to pay us back we won’t loan you anymore. When that day occurs, that dreaded cut in spending that you just needed a little more time to grow your way out of hits you right in the face. You’re bankrupt and you have no plan, good luck. I hope the leader of the military coup is a nice guy.
