Paul Krugman- Little Statesmen and Philosophers

[n2doc]

So, people want me to comment on the Moody’s downgrade of Britain. No real news there. As a guide to the future, ratings agency judgments are literally worse than useless; remember, US bond yields actually fell after the 2011 S&P downgrade. Still, it’s kind of a poke in the eye for Cameron/Osborne, who are subjecting their country to pointless austerity because confidence!

But they won’t change course; basically, they can’t, for careerist reasons. And that’s the story of a lot of what’s going on now.

Ralph Waldo Emerson understood this. The original version of his famous quote — I had forgotten this — reads:

A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.

I don’t know about the divines bit, but the little statesmen thing is completely accurate. Suppose George Osborne were to admit that austerity isn’t working. What, then, would be left of his claim to be qualified to do, well, anything? He has to stick it out until something turns up,no matter how many lives it destroys.

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http://krugman.blogs.nytimes.com/2013/02/23/little-statesmen-and-philosophers/

[truebluegreen]

1. One of my favorite quotes.

A foolish consistency...

I wonder if President Obama has read that column.

[jazzimov]

2. I love Krugman!

At least as an economist. Many times, not so much as a politician (which I think he would take as a compliment!). However, I think he is beginning to learn more and more about politics.

Austerity has been PROVEN not to work! I was listening to NPR today, and I heard a Senator saying that the best way to improve revenues is to improve the economy. I couldn't agree more! I was surprised to hear that he was a Republican, so I somehow doubt his idea of helping the economy matches mine.

Obama is right, we need to improve the economy by growing the Middle Class out. Which means that instead of austerity cuts, our government needs to spend more on the Middle Class! Eventually, the revenues will increase and will take care of the deficits.

Although the top 5% is out of control, so it wouldn't hurt them at all to increase taxes on them NOW. On ALL income, whether it's from actual work or investments. We could use that additional revenue to help the economy.

[1-Old-Man]

3. I think I enjoyed that Krugman blog posting more than any of his I have read

And I have a great deal of respect for Paul Krugman and his weekly writings.

[Spitfire of ATJ]

4. Gee, Paul,...just rub their noses in it...

They fucking deserve it.