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Paul Krugman is in serious denial

Sep. 7, 2012 2:54pm Meredith Jessup

Put this guy on suicide watch because he’s seriously losing his mind.

Here’s what Krugman had to say about today’s dismal job report:

The headline number came in a bit below expectations, but that’s probably just the noisiness in the data. The best hypothesis about the US economy this past year and more is that it has been steadily adding jobs at a pace roughly fast enough to keep up with but not get ahead of population growth. Today’s report was consistent with a continuation of that story. Nothing to see here.

Just, wow. Perhaps not surprising, Krugman’s loyal followers are cheering this “analysis.”

“I’ll take +90K over -800K any day,” writes Kevin Brock from Waynesville, N.C.

A2er from Ann Arbor, Mich. adds: ”It would have been nice if the Republicans had been willing to vote for a stimulus — but nope; never in election year. Politics over people of course.” …You know, because that first stimulus worked out so well.

And finally, JC in Cleveland suggests that people are dropping out of the workforce because the economy is doing so well:

Conservatives have argued that the unemployment rate is a product of people dropping out of the labor market.

I’m not sure that people dropping out the labor force is necessarily a sign of desperation. Generally in good economic times, family members will drop out of the labor force. In hard times, there is pressure for everyone in a household to get a job.

Excuse me while I go repeatedly bash my head into a wall.

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Comments (21)

Cosmos102
Posted on September 8, 2012 at 11:45pm
Of the people I know who are still backing Obama, they are all in denial. The latest excuse I heard was that if Bush had 8 years, then Obama deserves another term as well. It has lost all foundation in reality and is now entering the Twilight Zone. Either that or Democrats have the intellectual equivalency of an eight year old.

Report this comment
KevinHeckle
Posted on September 8, 2012 at 10:26pm
Why is it these intellectual economists still trust an early 20th century theorist (Keynes) whose idea of forcing false demand into the economy by taxpayer funded stimulus has never provided any sustained effect? It’s only one limited to the dollar amount of the money spent, and in the latest case money borrowed. And really, Keynes flawed logic led him to believe eugenics was a viable social experiment and we all know how that turned out. Why should we trust anything he had to say? Krugman is a believer though.

Report this comment
- RationalAmerican
  Posted on September 8, 2012 at 11:33pm
  ” It’s only one limited to the dollar amount of the money spent”
  
  You are incorrect.
  
  You never took economics courses and learned about the Multiplier effect?
  
  Report this comment
- KevinHeckle
  Posted on September 9, 2012 at 12:19am
  To the rational American: Not everyone believes the Keynesian model has that effect. For every tax or borrowed dollar spent in stimulus in one part of the economy, another part of the economy is decreased by the same amount. Borrowed money subject to interest and having to be repaid by the taxpayer may even diminish the power of that dollar even more. Remove his/her dollar that he/she cannot spend in the economy just to be spent by the government in another sector is a zero sum gain. Google Robert Barro, a contemporary economist who disagrees with Keynesian theory regarding the effect of stimulus.
  
  Report this comment
- RationalAmerican
  Posted on September 9, 2012 at 5:05pm
  ” Not everyone believes the Keynesian model has that effect.”
  
  Nonsense.
  Foodstamps have the highest multiplier effect because every single penny issued goes directly into the economy in this country and moves up through the chain from there, hence the multiplier effect.
  This is an economic fact NOT disputed by any economist. Not one.
  
  You didn’t take any Econ, Did you?
  
  Prove me wrong.
  With a source to your made up claim.
  
  Report this comment
- IAMMADDOG
  Posted on September 10, 2012 at 8:00am
  Rational…wow just wow. Who didn’t take econ? Have you drank ALL the koolaid? Food stamps don’t add to the economy because you have to TAKE money from the productive people to give to the non producers to spend. You CANNOT just print money and hand it out. But I suspect this info will go right over your head.
  
  Report this comment
OlefromMN
Posted on September 8, 2012 at 5:44pm
Paul Krugman is just another example of the insignificance of the Nobel Prize. They hand those things out at CVS Pharmacy with every third Rx refill.

Report this comment
bpodlesnik
Posted on September 8, 2012 at 7:47am
I’ll be right beside you banging my head on the wall as well. That was utter stupidity.

Report this comment
- RationalAmerican
  Posted on September 8, 2012 at 11:29pm
  That would not be rational.
  You could hurt yourself.
  And could you elaborate on why you think his opinion is utter stupidity?
  Just so I can tell the credible from the not credible posters.
  Thanks.
  
  Report this comment
DRAGONSEED
Posted on September 8, 2012 at 5:02am
Speaking of dope(s):

What cr*p is HE smoking??

Report this comment
davidwjohnson
Posted on September 8, 2012 at 1:06am
Let them talk all they want as long as you vote for Romney.

Report this comment
tucanofulano
Posted on September 7, 2012 at 11:17pm
Pauly is a nutcase Drone hiding out under “tenure” spouting his hatreds to tuition-paying innocents as well as signing off of stupid columns for second-rate rags.

Report this comment
GaltLine
Posted on September 7, 2012 at 10:08pm
There are many on the left who are questionable in their judgement or intentions. Take Bernanke for instance. His stated movement toward QE3. Is he just playing with fire? Or is he an arsonist?

Report this comment
anothercomment
Posted on September 7, 2012 at 7:24pm
WHAT???
“The headline number came in a bit below expectations, but that’s probably just the noisiness in the data.”
Now we have a new economic catch phrase: “noisiness in the data”?

Report this comment
DOra Glasberg
Posted on September 7, 2012 at 6:54pm
Let’s hear what that economist and marathon champ Pauly Ryan has to say!

Report this comment
- Slapweasel
  Posted on September 7, 2012 at 7:28pm
  Just like Joe Biden, I think President Obama is articulate and clean.
  
  He’s as economically illiterate as a ham sandwich, but certainly articulate and clean.
  
  Report this comment
- Oneirishman
  Posted on September 8, 2012 at 10:02am
  You need to practice saying V.P. Ryan!
  
  Report this comment
tgimacb
Posted on September 7, 2012 at 5:56pm
Speechless… literally!

Report this comment
kathyisrael
Posted on September 7, 2012 at 4:35pm
I noticed we are at the 36 month out on the date marked to start the mandatory microchip implantation device (RFID). This is to take place on March 23, 2013. The bill HR3200 is very clear on pages 1000-1004. What rights do we have as citizens to protect ourselves from being treated as animals. You implant animals not humans. Our private information is not for the taken. I do not believe that this bill should continue, it must be removed before it destroys our country. We do not need to be marked, ask the Jewish People, they know what is at stake here. Lets not relive the past.

Report this comment
SnydyMan
Posted on September 7, 2012 at 3:58pm
Hilary “Ann Romney never worked a day in her life” Rosen tweeted this morning:
Entrepenuers and self employed leave the “work force”. That is a hopeful thing. People leaving aren’t necessarily bad. #29msJobsGrowth

https://twitter.com/hilaryr/status/244051738578014209

Report this comment
- asybot12
  Posted on September 8, 2012 at 7:49am
  Wow, I just looked at that tw’t's twit, un-bloody- believable what a waste of my time this woman is seriously delusional … people leaving the work force is a “hopefull” thing and she is a”person” with power oh my God no wonder we are in deep kaka.
  
  Report this comment

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