Krugman vs. Greenspan

[zk]

I happened to read these two articles back-to-back this morning, and I was struck by the contrast. Here are two of our most prominent economic minds saying, at the same time, pretty much the exact opposite thing about what we should do regarding our spending/borrowing/deficit/debt situation.

Any takes on this?

http://online.wsj.com/article/SB10001424052748704198004575310962247772540.html?mod=googlenews_wsj

http://www.nytimes.com/2010/06/18/opinion/18krugman.html

[Nor-LA-SD-guy]

The main focus of China’s currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, China government officials statement.

Now Greece can’t say that, But the U.S.A. could.

OK foreign imported goods could be an issue though but there are benefits to that as well.

Somewhere in the middle, that’s where I stand.

Being Debt free won’t mean much if the union fails.

[Nor-LA-SD-guy]

The main focus of China’s currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, China government officials statement.

Now Greece can’t say that, But the U.S.A. could.

OK foreign imported goods could be an issue though but there are benefits to that as well.

Somewhere in the middle, that’s where I stand.

Being Debt free won’t mean much if the union fails.

[Nor-LA-SD-guy]

The main focus of China’s currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, China government officials statement.

Now Greece can’t say that, But the U.S.A. could.

OK foreign imported goods could be an issue though but there are benefits to that as well.

Somewhere in the middle, that’s where I stand.

Being Debt free won’t mean much if the union fails.

[Nor-LA-SD-guy]

The main focus of China’s currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, China government officials statement.

Now Greece can’t say that, But the U.S.A. could.

OK foreign imported goods could be an issue though but there are benefits to that as well.

Somewhere in the middle, that’s where I stand.

Being Debt free won’t mean much if the union fails.

[Nor-LA-SD-guy]

The main focus of China’s currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, China government officials statement.

Now Greece can’t say that, But the U.S.A. could.

OK foreign imported goods could be an issue though but there are benefits to that as well.

Somewhere in the middle, that’s where I stand.

Being Debt free won’t mean much if the union fails.

[jpinpb]

I read the highlights of it on Mish’s site.

I have to agree w/one thing Mish says. I really believe changing the corporate tax policies would be a good place to start, particularly those that encourage jobs overseas. We have lost too many jobs overseas. That was before the tech/stock bubble. That bubble just got replaced w/the r.e. bubble. People subsidized their income w/HELOCs.

I also tend to agree w/the baby boom dynamics. I think people are having less children. My grandparents had 5 to 8 children (on mom and dad’s side respectively). I used to think WWII is what pulled us out of the depression and maybe it helped, but I think it was b/c of manufacturing and the men who left their jobs to fight the war. Their absence allowed others to work. Regardless, we have wars going on and our economy isn’t doing too well. So that alone can’t be what will do it.

I really think it goes back to jobs. And w/the way COL is nowadays, I don’t mean just any job. Has to be good-paying jobs. Sadly, I don’t know of a jobs program that makes sense long term. The census jobs, for example, are temporary and I don’t consider them well-paying.

I used to think getting an education was key. But now I question that, also. Witness many educated people graduating and now having difficulty finding a job. Maybe that’s all a scam, too. I’m big on education. But also, I understand that historically, school made it possible for children to be out of the work force while men worked.

[jpinpb]

I read the highlights of it on Mish’s site.

I have to agree w/one thing Mish says. I really believe changing the corporate tax policies would be a good place to start, particularly those that encourage jobs overseas. We have lost too many jobs overseas. That was before the tech/stock bubble. That bubble just got replaced w/the r.e. bubble. People subsidized their income w/HELOCs.

I also tend to agree w/the baby boom dynamics. I think people are having less children. My grandparents had 5 to 8 children (on mom and dad’s side respectively). I used to think WWII is what pulled us out of the depression and maybe it helped, but I think it was b/c of manufacturing and the men who left their jobs to fight the war. Their absence allowed others to work. Regardless, we have wars going on and our economy isn’t doing too well. So that alone can’t be what will do it.

I really think it goes back to jobs. And w/the way COL is nowadays, I don’t mean just any job. Has to be good-paying jobs. Sadly, I don’t know of a jobs program that makes sense long term. The census jobs, for example, are temporary and I don’t consider them well-paying.

I used to think getting an education was key. But now I question that, also. Witness many educated people graduating and now having difficulty finding a job. Maybe that’s all a scam, too. I’m big on education. But also, I understand that historically, school made it possible for children to be out of the work force while men worked.

[jpinpb]

I read the highlights of it on Mish’s site.

I have to agree w/one thing Mish says. I really believe changing the corporate tax policies would be a good place to start, particularly those that encourage jobs overseas. We have lost too many jobs overseas. That was before the tech/stock bubble. That bubble just got replaced w/the r.e. bubble. People subsidized their income w/HELOCs.

I also tend to agree w/the baby boom dynamics. I think people are having less children. My grandparents had 5 to 8 children (on mom and dad’s side respectively). I used to think WWII is what pulled us out of the depression and maybe it helped, but I think it was b/c of manufacturing and the men who left their jobs to fight the war. Their absence allowed others to work. Regardless, we have wars going on and our economy isn’t doing too well. So that alone can’t be what will do it.

I really think it goes back to jobs. And w/the way COL is nowadays, I don’t mean just any job. Has to be good-paying jobs. Sadly, I don’t know of a jobs program that makes sense long term. The census jobs, for example, are temporary and I don’t consider them well-paying.

I used to think getting an education was key. But now I question that, also. Witness many educated people graduating and now having difficulty finding a job. Maybe that’s all a scam, too. I’m big on education. But also, I understand that historically, school made it possible for children to be out of the work force while men worked.

[jpinpb]

I read the highlights of it on Mish’s site.

I have to agree w/one thing Mish says. I really believe changing the corporate tax policies would be a good place to start, particularly those that encourage jobs overseas. We have lost too many jobs overseas. That was before the tech/stock bubble. That bubble just got replaced w/the r.e. bubble. People subsidized their income w/HELOCs.

I also tend to agree w/the baby boom dynamics. I think people are having less children. My grandparents had 5 to 8 children (on mom and dad’s side respectively). I used to think WWII is what pulled us out of the depression and maybe it helped, but I think it was b/c of manufacturing and the men who left their jobs to fight the war. Their absence allowed others to work. Regardless, we have wars going on and our economy isn’t doing too well. So that alone can’t be what will do it.

I really think it goes back to jobs. And w/the way COL is nowadays, I don’t mean just any job. Has to be good-paying jobs. Sadly, I don’t know of a jobs program that makes sense long term. The census jobs, for example, are temporary and I don’t consider them well-paying.

I used to think getting an education was key. But now I question that, also. Witness many educated people graduating and now having difficulty finding a job. Maybe that’s all a scam, too. I’m big on education. But also, I understand that historically, school made it possible for children to be out of the work force while men worked.

[jpinpb]

I read the highlights of it on Mish’s site.

I have to agree w/one thing Mish says. I really believe changing the corporate tax policies would be a good place to start, particularly those that encourage jobs overseas. We have lost too many jobs overseas. That was before the tech/stock bubble. That bubble just got replaced w/the r.e. bubble. People subsidized their income w/HELOCs.

I also tend to agree w/the baby boom dynamics. I think people are having less children. My grandparents had 5 to 8 children (on mom and dad’s side respectively). I used to think WWII is what pulled us out of the depression and maybe it helped, but I think it was b/c of manufacturing and the men who left their jobs to fight the war. Their absence allowed others to work. Regardless, we have wars going on and our economy isn’t doing too well. So that alone can’t be what will do it.

I really think it goes back to jobs. And w/the way COL is nowadays, I don’t mean just any job. Has to be good-paying jobs. Sadly, I don’t know of a jobs program that makes sense long term. The census jobs, for example, are temporary and I don’t consider them well-paying.

I used to think getting an education was key. But now I question that, also. Witness many educated people graduating and now having difficulty finding a job. Maybe that’s all a scam, too. I’m big on education. But also, I understand that historically, school made it possible for children to be out of the work force while men worked.

[zk]

Thanks for the link, jp. Some interesting takes between those two.

[zk]

Thanks for the link, jp. Some interesting takes between those two.

[zk]

Thanks for the link, jp. Some interesting takes between those two.

[zk]

Thanks for the link, jp. Some interesting takes between those two.

[Author]

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