August 28, 2009
Of Course, It Was A Totally Different Set Of Circumstances Back Then…
Nobel Prize-Winning Economist Paul Krugman in 2004 on President Bush’s $500 billion deficit:
“Well, basically we
have a world-class budget deficit not just as in absolute terms of course -
it's the biggest budget deficit in the history of the world - but it's a budget
deficit that as a share of GDP is right up there.”
“It's comparable to the worst we've ever seen in this country.”
“So, we have a deficit, which is—which our political system is now unwilling to be realistic, unwilling to contemplate doing what has to be done to bring it down significantly.
“As I said, deficits saved the world.”
“In fact, we would be better off if governments were willing to run even larger deficits over the next year or two.”
“So don’t fret about this year’s deficit; we actually need to run up federal debt right now and need to keep doing it until the economy is on a solid path to recovery.”
NOTE: I’m still technically on my light late-summer blogging
schedule. Thanks to all who signed up to follow Planet Moron's Twitter updates in the sidebar. Those will continue with my normal irregular regularity. (Suddenly I feel like a bran muffin.)
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Sometimes I feel like a muffin too. All fluffy and hot, spilling out over the top of my waistband, and everybody seems to want a piece of me.
Posted by: Sarah Natividad | Aug 29, 2009 3:24:55 PM
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