The denial of the far left is sometimes staggering and the rationalizations they come up with can be far, far from rational. NY Times’ Paul Krugman has always been in that camp and, today, his denial leaves one breathless. NewsBusters is astonished and presents his case with much more sanity than Krugman seems to possess.
According to Nobel laureate Paul Krugman, America is doing just fine financially because we’re having no problem borrowing money: (According to Krugman) “[T]he nation is not, in fact, “broke.” The federal government is having no trouble raising money, and the price of that money — the interest rate on federal borrowing — is very low by historical standards. So there’s no need to scramble to slash spending now now now; we can and should be willing to spend now if it will produce savings in the long run.”
You got that?… I guess in Krugman’s view, governments shouldn’t worry about their deficits until they have problems borrowing…Should corporations and individuals manage their finances the same way? Isn’t that in fact a large cause of the financial crisis that rocked our nation in 2008?… Readers are once again reminded that this man has a Nobel prize in economics and is widely-revered by liberals from coast to coast…And here’s the punch line: the title of this article is “Dumbing Deficits Down.”
A “must” read here: America’s Not Broke