Opinion from a Libertarian ViewPoint

Paul Krugman: Evangelist of Political Salvation

Posted by M. C. on December 30, 2017

 Paul Krugman won the Nobel Prize in economics. He is also the resident economist for The New York Times.

In his latest article, he laments the power of Donald Trump and the Republican Party. He tries to offer eschatological hope. He assures his readers that there is hope politically because the Democrats may eventually come back into power. But this is only hope, he says. The United States of America is on the path to becoming a Third World tyranny. He actually believes this.

I want to stress this fact: he is as sound a political analyst as he is a sound economist

 Bill Clinton had majorities in both houses of Congress in the first half of his first term. Nothing radical came of this. Obama had the same thing in the first half of his first term. Only ObamaCare came out of this. That anybody on the Left could still believe in political salvation by the Democratic Party is mind-boggling. But Krugman does.

Bipartisanship is why I don’t worry much about the looming triumph of the Democrats in the election of 2020. They will no doubt raise taxes marginally in 2021. They will unquestionably run massive deficits. But the government already runs massive deficits. Congress will extend unemployment insurance to millions of unemployed Americans who lose their jobs in the recession. But there will be no fundamental economic changes. The unfunded liabilities of Medicare and Social Security will increase, just as they will this year. The more things change, the more they stay the same.


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