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.

 Nobel Prize-Winning Economist Paul Krugman today on President Obama’s $1.7 trillion deficit:

“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.”

 

J.

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.)