The Shallowness of Paul Krugman
Paul Krugman, Nobel Laureate, embarrasses himself in todays NYT column. Quote:
"But it's hard to escape the sense that the current inflation mongering is partly political, coming largely from economists who had no problem WITH DEFICITS CAUSED BY TAX CUTS..."
(my emphasis)
Now I am not a professional economist, but I do know it is widely agreed that Federal income INCREASES with tax cuts - this is not theory, it has happened several times in the last 5 decades - so please explain to me how that causes DEFICITS!!
And by the way, Federal income DECREASES with tax increases. This has also actually happened, not theory!
Deficits are caused by Government spending exceeding its income! Think he understands that? Ideology seems to have crept into the thinking of our Nobel Laureate!
"But it's hard to escape the sense that the current inflation mongering is partly political, coming largely from economists who had no problem WITH DEFICITS CAUSED BY TAX CUTS..."
(my emphasis)
Now I am not a professional economist, but I do know it is widely agreed that Federal income INCREASES with tax cuts - this is not theory, it has happened several times in the last 5 decades - so please explain to me how that causes DEFICITS!!
And by the way, Federal income DECREASES with tax increases. This has also actually happened, not theory!
Deficits are caused by Government spending exceeding its income! Think he understands that? Ideology seems to have crept into the thinking of our Nobel Laureate!
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