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Paul Krugman is Wrong – Still They Do Not Accept Reality – Keynesianism has ALWAYS Failed

Paul Krugman is Wrong – Still They Do Not Accept Reality – Keynesianism has ALWAYS Failed

As we find ourselves just two days out from Barack Obama’s big job’ speech, I cannot help but reflect on the absurdity of the idea that he is just getting to “jobs” late into his third year.  And he wants to do it in a Joint Session of Congress, usually reserved for less political speeches.

I keep hearing the words of Krugman from every direction I read.  This from Newser:

(NEWSER) – “Everyone in Washington” should be crying out, “My God, what have we done?” writes Paul Krugman in the New York Times. His reasons: The puny 2% interest rate on 10-year national bonds is proof that President Obama’s deficit spending did not raise interest rates, as critics had predicted. Also, the shocking zero-increase in US jobs last month shows that disinterest in “a much-needed second round of federal stimulus” has stalled hiring.

Krugman’s conclusion? Obama’s upcoming jobs speech should focus on “a lot of job-creating spending on the part of the federal government,” especially “to repair and upgrade the nation’s infrastructure.” But the GOP will block whatever Obama proposes, says Krugman, “so I’m personally prepared to cut Mr. Obama a lot of slack on the specifics of his proposal, as long as it’s big and bold”—and gets “Washington talking again about jobs and how the government can help create them.”  (End of quotation)



Here is my question to Krugman and others like him:

At what point are you going to admit that Keynesian economics has been dis-proven in the real world, most notably through the obscene actions on our economy by President Barack Obama and his Democratic Congress in years one and two of his administration?

I often have asked myself that question.  How can anyone still believe it?  First, how can they be so stupid as to NOT see the real world examples of the successes of supply-side /aka/ Reganomics?  And how can they stand by and watch our nation crumble under the unmitigated free reign of economic terror that has been brought on this country by the massive spending of the Democrats, signed off on by Barack Obama?

The answer is that they can never stay Democrats, stay respected in the liberal community of academia, and keep their human support structure if they admitted Keynesian economics to be a total failure.  Still, that is dishonest.  They have to know it. I am sure many more know it than ever admit to it.

I have come to believe things that when I was younger I was sure were wrong. I used to believe in the 1980’s when I was fresh out of high school that people that believed in supply-side economics were really just trying to benefit business at the cost of the people.  I remember the comments that “a rising tide lifts all boats,” and thought it was a meaningless metaphor.  Really, it is not.

The results of Reagan’s version of supply-side economics, which is now popularly know as Reganomics proved that lowing taxes and lowering spending will spur huge and sustained economic growth.  This is proven.  To the same extent, Barack Obama has proven the opposite for his version of Keynesian economics.  He has put it to the test as Reagan put supply-side to the test, and Keynesian economics failed.

These guys are going to come out Thursday and suggest we double down on spending.  You read the comments of Krugman above.  The equally enlightened Maxine Waters, now suggests that Barack Obama needs to propose the spending of a trillion dollars (our money) to create jobs.  So Krugman and Waters are two peas in a pod when it comes to their knowledge of economics.  Krugman may have taught it at Princeton (Title: “Professor of Economics and International Affairs”), but one does have to question how he can teach economics and miss the supply-side lessons taught over and over by our very real world economy?

Did you remember hearing about Arthur Laffer and the “Laffer Curve?”  This basically states that there is a perfect tax rate to maximize tax revenues that falls somewhere between zero percent and 100 percent tax rates. At zero, obviously no tax revenue will come in as nothing is taxed. At a 100 percent tax rate, again nothing comes in because there is zero incentive to produce anything. He proposed a curve that would maximize tax revenue by cutting rates to the point were economic activity is spurred and productivity moves into high gear.

It all seems so logical.  I guess Krugman and those like him will just have to learn the hard way. Congress will stop Obama.  The people will throw Obama and the Democratic Senate Majority out on the results of the 2012 election.





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