The deficit champion wasn't always that way
Paul Krugman is out with his latest column in the New York Times. The title is 'Debt is Good' and you can read it but the title basically tells the whole story. It's a familiar theme from Krugman.
"We've spent much of the past five or six years in a state of fiscal panic, with all the Very Serious People declaring that we must slash deficits and reduce debt now now now or we'll turn into Greece, Greece I tell you."
He continues:
"The ironic thing is that these foolish policies, and all the human suffering they created, were sold with appeals to prudence and fiscal responsibility."
Krugman sarcastically attacks his opponents, dismissing and berating them.
So what would he say to this comment?:
"If we are disappointed in U.S. economic performance, we should do everything we can to help the economy, and eliminating the budget deficit is one of the most obvious and straightforward tools available. If we don't do that, we have little excuse for complaining about slow growth."
That was what he wrote in 1996, when US debt was one-third of what it is today.
The thing is, I think he's right now and was wrong then. I also believe someone who can change his or her mind is a valuable thing. It's just that he's so mean-spirited about anyone who disagrees with him.