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Krugman – ‘Four Fiscal Phonies’

Via: NYT

Mitt Romney is very concerned about budget deficits. Or at least that’s what he says; he likes to warn that President Obama’s deficits are leading us toward a “Greece-style collapse.”

So why is Mr. Romney offering a budget proposal that would lead to much larger debt and deficits than the corresponding proposal from the Obama administration?

Of course, Mr. Romney isn’t alone in his hypocrisy. In fact, all four significant Republican presidential candidates (see photo) still standing are fiscal phonies. They issue apocalyptic warnings about the dangers of government debt and, in the name of deficit reduction, demand savage cuts in programs that protect the middle class and the poor. But then they propose squandering all the money thereby saved — and much, much more — on tax cuts for the rich.

And nobody should be surprised. It has been obvious all along, to anyone paying attention, that the politicians shouting loudest about deficits are actually using deficit hysteria as a cover story for their real agenda, which is top-down class warfare.

To put it in Romneyesque terms, it’s all about finding an excuse to slash programs that help people who like to watch Nascar events, even while lavishing tax cuts on people who like to own Nascar teams.

Read more, HERE:

http://www.nytimes.com/2012/03/02/opinion/krugman-four-fiscal-phonies.html?ref=opinion

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Do the Right Thing  – Hold the Senate; Win back the House; Re-elect Obaba/Biden!

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March 3, 2012 Posted by | 2012, Gingrich, GOP morons, Romney, Ron Paul, Santorum | , , , , , , , , , , , , , , , | Leave a comment

Krugman – ‘Gingrich-Hemsley in 2012’

Via: New York Times

From the Tax Policy Center, the Gingrich tax plan:

Also, it would add $1.3 trillion to the annual deficit compared with current law.

For those too young to remember, Leona Helmsley famously declared that only the little people pay taxes.

http://krugman.blogs.nytimes.com/2011/12/13/gingrich-helmsley-2012/

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Leona Mindy Roberts Helmsley (July 4, 1920 – August 20, 2007) was an American businesswoman and real estate entrepreneur. She was a flamboyant personality and had a reputation for tyrannical behavior that earned her the nickname Queen of Mean. She was promoted by the Beber Silverstein Group and its co-founder Joyce Beber who persuaded her to call herself Queen of the Palace Hotel.

Following allegations by unpaid contractors that work done on her home had been charged to her company, she was investigated and convicted of federal income tax evasion and other crimes in 1989. Although having initially received a sentence of 16 years, Helmsley was required to serve only 19 months in prison and two months under house arrest.

Helmsley’s fate was sealed when a former housekeeper testified during the trial that she had heard Helmsley say: “We don’t pay taxes. Only the little people pay taxes…”, a saying that became notorious and was identified with her for the rest of her life.

http://en.wikipedia.org/wiki/Leona_Helmsley

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December 16, 2011 Posted by | 2012, Gingrich, GOP morons | , , , , , , , , , | Leave a comment

Krugman – “It’s time to start calling the current situation what it is: a depression”

Via: New York Times

It’s time to start calling the current situation what it is: a depression. True, it’s not a full replay of the Great Depression, but that’s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.

On that last point, I am not being alarmist. On the political as on the economic front it’s important not to fall into the “not as bad as” trap. High unemployment isn’t O.K. just because it hasn’t hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.

Let’s talk, in particular, about what’s happening in Europe — not because all is well with America, but because the gravity of European political developments isn’t widely understood.

First of all, the crisis of the euro is killing the European dream. The shared currency, which was supposed to bind nations together, has instead created an atmosphere of bitter acrimony.

Specifically, demands for ever-harsher austerity, with no offsetting effort to foster growth, have done double damage. They have failed as economic policy, worsening unemployment without restoring confidence; a Europe-wide recession now looks likely even if the immediate threat of financial crisis is contained. And they have created immense anger, with many Europeans furious at what is perceived, fairly or unfairly (or actually a bit of both), as a heavy-handed exercise of German power.

Nobody familiar with Europe’s history can look at this resurgence of hostility.

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You can read the rest, HERE:

http://www.nytimes.com/2011/12/12/opinion/krugman-depression-and-democracy.html?_r=1

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December 13, 2011 Posted by | Uncategorized | , , , , | Leave a comment

Krugman – “Killing the Euro”

Via: New York Times

Can the euro be saved? Not long ago we were told that the worst possible outcome was a Greek default. Now a much wider disaster seems all too likely.

True, market pressure lifted a bit on Wednesday after central banks made a splashy announcement about expanded credit lines (which will, in fact, make hardly any real difference). But even optimists now see Europe as headed for recession, while pessimists warn that the euro may become the epicenter of another global financial crisis.

How did things go so wrong? The answer you hear all the time is that the euro crisis was caused by fiscal irresponsibility. Turn on your TV and you’re very likely to find some pundit declaring that if America doesn’t slash spending we’ll end up like Greece.

Greeeeeece!

But the truth is nearly the opposite.

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And you can read WHY, here:

http://www.nytimes.com/2011/12/02/opinion/krugman-killing-the-euro.html?_r=3

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December 3, 2011 Posted by | Uncategorized | , , , , | Leave a comment

Paul Krugman – This Sure Is A Spooky Time For The Economy

Greetings…it’s your favorite dead-itorial writer, Paul “Bearer” Krugman, here to talk to you again about some rather, shall we say, chilling developments in the national economy. Ah, yes, it is a very dark and stormy night indeed for our financial system, dear readers, the kind of night that sends shivers up one’s spine and sends the national unemployment rate soaring to nearly 10 percent. So curl up under your covers, and keep the candlelight close, because I will now tell a tale of economic woe so terrifying it may just make your hair stand on end.

Remember when the economy was BOO-ming? When predatory lenders were sucking the blood of homeowners and confidence in the market was ghoulishly high? Little did we know about the creeping, malevolent spirit of fiduciary calamity that lurked in the dark shadows, ready to pop out and gut the $230 billion federal surplus reported by the Congressional Budget Office for fiscal year 2000. What poor, damned fools we were over the next decade to let our national balance sheet slip so far into the deep, bloody red! Now it seems our economy has been buried alive, and the day may never come when it will once again rise from the dead.

Or should I say rise from the debt?

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Via: The Onion ‘America’s Finest News Source’

http://www.theonion.com/articles/this-sure-is-a-spooky-time-for-the-economy,26442/

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Mr. Krugman’s response:

‘OK, for those wondering:

Yes, it was a Photoshopped picture of me as Dracula. In the long run we are undead and all that, but not yet.

No, I didn’t have anything to do with the article. But they spelled my name right, so it’s all good.’

http://krugman.blogs.nytimes.com/2011/10/26/onion/?gwh=0AAD943A31295D8F005311A669456918

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October 27, 2011 Posted by | Breaking News | , , | Leave a comment

‘Intellectural Styles of the Rich and CLUELESS’ – Krugman

Via: New York Times

Oh, my. Jeff Immelt, who President Obama for some reason appointed to head his job creation panel, insists that what’s good for GE is good for America:

‘I want you to root for me. Look, every one in Germany roots for Siemens, everyone in Japan roots for Toshiba, everyone in China roots for China South Rail, I want you to say, win GE.

I think this notion that it’s the population of the US against big companies is just wrong.’

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We’ve all grown together! Or, actually, not. (see graph)

Also, GE isn’t in any important sense an “American” company. More than half its employees are overseas. I’m sure Immelt would claim that this is just what he needs to do to compete; but in that case, he can’t have it both ways and also demand that we cheer for GE as an American champion.

Awesome cluelessness. And this is the head of a job-creation task force in a Democratic administration?

http://krugman.blogs.nytimes.com/2011/10/11/intellectual-styles-of-the-rich-and-clueless/

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October 12, 2011 Posted by | Uncategorized | , , , , , , | Leave a comment

Notes on Class Warfare – Krugman

Via: NYT

I’ll be saying much more on this. But for now, partly as a note to myself, some notes on the actual class war that has taken place over the past THIRTY YEARS – namely class warfare for the rich against the middle class.

1. Major tax cuts for high-income Americans, much larger as a percentage of income than for the middle class; CBO data here.

2. Decline in REAL minimum wage.

3. Union-busting, aided and abetted by federal policy.

4. Financial deregulation, which has fed inequality because very high incomes come disproportionately from that sector.

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And now shrieks of outrage over the prospect of even a slight reversal of these trends.  (Fuck ’em all!)

http://krugman.blogs.nytimes.com/

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Via: The State Column – September 16, 2011

Michael Bloomberg to Congress: ‘TIME to EXPECT RIOTS’

New York Mayor Michael Bloomberg warned Congress Friday, saying members  should expect riots if the nation’s rate of unemployment remains above 9  percent.

“We have a lot of kids graduating college, can’t find jobs,” Mr. Bloomberg  said on his weekly radio show. “That’s what happened in Cairo. That’s what  happened in Madrid. You don’t want those kinds of riots here.”

Mr. Bloomberg also noted that the nation’s poverty rate, which rose to the  highest level in over a decade, was the latest indication that Congress is  failing America.

“The public is not happy,” he said. “The public knows there is something  wrong in this country, and there is. The bottom line is that they’re upset.”

Riots have hit a number of nations, including Greece and countries throughout  the Middle East, as workers continue to search for jobs. A recent Labor  Department report found the U.S. failing to add a single job in the month of  August as the rate of unemployment remained above 9 percent.

Mr. Bloomberg focused on college students, saying the next generation of  workers are lucky to find any jobs in the current economic climate. Mr.  Bloomberg noted that the ramifications of the economic crisis are likely to be  felt for years to come.

“The damage to a generation that can’t find jobs will go on for many, many  years,” the New York mayor said.

Speaking Friday, Mr. Bloomberg PRAISED President Obama’s attempts to grow the  economy, saying Congress and politics have contributed more to slow growth than  the policies put forth by the Obama administration.

“At least he’s got some ideas on the table, whether you like those or not,” Mr. Boomberg said. “Now everybody’s got to sit down and say we’re actually gonna  do something and you have to do something on BOTH the REVENUE and the EXPENSE SIDE.” (will they? highly unlikely)

Mr. Bloomberg, an independent, criticized the partisan politics of Congress,  saying the inability of Republicans and Democrats to compromise on ways to fix  the economy has eroded confidence. Mr. Bloomberg endorsed the notion of  increasing taxes, saying it was necessary for balancing the nation’s budget.

“The only way you solve this problems is that everybody pays a little more  and everybody gets a little less,” he said.

http://www.thestatecolumn.com/articles/michael-bloomberg-to-congress-time-to-expect-riots/#ixzz1YeQzQBNw

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personal thought:

I’ve always been somewhat surprised there hasn’t been a ‘middle-class’ Howard Beale screaming out the window,

“I’m mad as hell, and I’m not going to take it this anymore!”

http://www.youtube.com/watch?v=q_qgVn-Op7Q

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September 22, 2011 Posted by | Uncategorized | , , , , , , , | 1 Comment

Rumsfeld & Goering: reaction to Krugman’s 9/11 posts

Paul Krugman:

(1 of 2) ‘The Year of Shame’ – September 11, 2011

http://krugman.blogs.nytimes.com/2011/09/11/the-years-of-shame/

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(2 of 2) ‘More About the 9/11 Aniversary’ – September 12, 2011

http://krugman.blogs.nytimes.com/2011/09/12/more-about-the-911-anniversary/

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Donald Rumsfeld

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Hitler’s Reichsmarschall Hermann Goreing

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September 14, 2011 Posted by | Uncategorized | , , , , , | Leave a comment

Krugman – S&P and the USA

OK, so Standard and Poors has gone ahead with the threatened downgrade. It’s a strange situation.

On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right: if not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency.

On the other hand, it’s hard to think of anyone less qualified to pass judgment on America than the rating agencies. The people who rated subprime-backed securities are now declaring that they are the judges of fiscalpolicy?

Really?

Just to make it perfect, it turns out that S&P got the math wrong by $2 trillion, and after much discussion conceded the point — then went ahead with the downgrade.

More than that, everything I’ve heard about S&P’s demands suggests that it’s talking nonsense about the US fiscal situation. The agency has suggested that the downgrade depended on the size of agreed deficit reduction over the next decade, with $4 trillion apparently the magic number. Yet US solvency depends hardly at all on what happens in the near or even medium term: an extra trillion in debt adds only a fraction of a percent of GDP to future interest costs, so a couple of trillion more or less barely signifies in the long term.

What matters is the LONGER-TERM prospect, which in turn mainly depends on health care costs.

So what was S&P even talking about?

Presumably they had some theory that restraint now is an indicator of the future – but there’s no good reason to believe that theory, and for sure S&P has no authority to make that kind of vague political judgment.

In short, S&P is just making stuff up — and after the mortgage debacle, they really don’t have that right.

SO THIS IS AN OUTRAGE = not because America is A-OK, but because these people are in no position to pass judgment.

http://krugman.blogs.nytimes.com/2011/08/05/sp-and-the-usa/

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personal thought:

I don’t agree with, “In short, S&P is just making stuff up.”

I think they are in lock-step with the GOP, and are doing their bidding to elect a GOP President/Senate/House in ’12; and if that  happens, the nation will really be fucked!

JUMP!

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August 6, 2011 Posted by | Uncategorized | , , , , , , , , , , , , | Leave a comment

Krugman – “That’s cowardice on an epic scale”

Via: NYT

There’s actually a simple way to resolve the debt ceiling crisis: non-crazy Republican leaders could support something like the Reid plan — which is, let’s be clear, a huge victory for the right and defeat for progressives – and pass it with limited GOP support and overwhelming Democratic support.

Situation resolved.

This would, however, probably be the end of these Republicans’ political careers. And the answer is, so?

If you believe that default will quite possibly be a catastrophe – and leading Republicans probably do believe that – their unwillingness to take the action I’ve just described means that they are risking America’s future rather than pay a price in their personal political careers.

That’s cowardice on an epic scale, even if it’s the kind of behavior we take for granted nowadays.

http://krugman.blogs.nytimes.com/2011/07/27/the-guilty-parties/

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personal thought:

‘Leading Republicans’, I would suggest are no longer, McConnell and Boehner; but are Bachmann and Fox News.

Man, are we screwed, or what?

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July 30, 2011 Posted by | 2012, GOP morons | , , , , , | Leave a comment