NYT Economist: If We Don’t Re-Elect Obama, We’ll End up Like Greece
If Republican presidential candidate Mitt Romney wins in November, we had better prepare for some Greek-style economic ruin, thus saith left-leaning New York Times blogger and noted Keynesian economist Paul Krugman.
“I think there’s a real chance that [Romney will] manage to pursue a policy in the first couple of years that simultaneously blows up the deficit and depresses the economy,” Krugman said during an interview on HuffPost Live Wednesday.
“Tax cuts for the rich, who won’t spend them, and slash spending for the poor and the middle class, who will be forced to cut back. And so we end up managing to have a simultaneous deficit explosion and double-dip recession,” he added.
Krugman wasn’t finished. The Nobel-Prize winning economist (I know, right?), had much more to say about the possible economic repercussion of voting for Gov. Romney.
“[R]epublican policies … are much more likely to make us end up like Greece,” he said, arguing that Romney’s supposed policies could lead to a “depression.”
And to top everything off, Krugman, who has spent most of his professional life in academia, believes Romney, who has spent most of his professionallife in business, is an economic illiterate.
“I’m not seeing a lot of evidence that [Romney] really does understand [economics],” he said. “People say he’s a smart guy, but it’s not visible in his statements, and it’s not visible in his off-the-cuff reactions either.”
“I don’t have a lot of hope that he actually would know what he’s doing at all or that he would even know how to pick the right people,” Krugman added.
Final Thought – Presented without comment:
[If you'd like dig deeper into Krugman rebuttals, this piece by Niall Ferguson is an absolute must.]
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(H/T: Newsbusters). Front page photo courtesy the AP.
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Comments (222)
grickm
Posted on October 25, 2012 at 6:19pmKrugman is a political hack who once may have been an economist. He certainly shows no signs of independent, intelligent thought in his NYT writings. It’s all just liberal nonsense.
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Just_Bubba
Posted on October 25, 2012 at 6:40pmLuckily he’s never been correct in anything he has said so take that to the voting booth with you. Watching their pure desperation as they crawl out from under their rocks and out of the woodwork is priceless. Shining a bright light on them tends to do that. I’ve waited for 4 years to help undo the wrong that was done to our great country by this buffoon of a president.
Keynesian economics is dead and they are simply too stupid to know it. I hope they hold on to lots of dollars; good luck with that idiots.
In just a few more days they will begin climbing up each others back to survive and it will be even more fun watching those under them suffocate.
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SocialistSlayer
Posted on October 25, 2012 at 6:59pmHe never was an Economist with any Credibility – Just another Communist who is trying to destroy America !
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OlefromMN
Posted on October 25, 2012 at 7:09pmI loved the front page headline… “NYT Economist: If We Don’t Re-Elect Obama, We’ll End up Like Greece”
Like anybody had to go any further to see that it was just another gormless rant by Krugman.
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U.N.hater
Posted on October 25, 2012 at 7:10pmThis is the plan.http://whatisagenda21.net/This-is-agenda-21.php
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Rampart
Posted on October 25, 2012 at 7:17pmWhy is this man allowed anywhere NEAR a television camera!?!
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Living In NYC
Posted on October 25, 2012 at 7:56pmHey Paulie…get off the crack pipe and try to run a real business instead of feeding us theory that doesn’t work!!
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starman70
Posted on October 25, 2012 at 8:32pmHE GOT THAT BACKWARDS!!!!
rqd.lc
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Wolfgang the Gray
Posted on October 25, 2012 at 9:10pmAnyone wondering if Obama will declare national martial law if hurrican Sandy hits NYC? If you think New Orleans was a catastrophe, think of a hurrican in NYC that kills the power for weeks, floods the subways & underground parking lots, and puts the NYSE out of commission?
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chalkdust
Posted on October 26, 2012 at 12:33amI knew it was Krugman the least respected economist ever. Most real economist’s think he is a joke. He taught economics…
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inblack
Posted on October 26, 2012 at 1:13amKrugman is a stupid little professor who blindly follows Keynes’ socialism.
He has never thought outside of the Keynesian model and so makes the same mistakes over and over.
GNP is a numbers, not reality.
GNP attempts to measure production by measuring spending (ignoring value).
GNP ignores standard of living or usefulness of what is purchased.
Govt spending to boost GNP, can in many cases increase the GNP number but cannot improve the economy – it ignores the damage to the greater economy and ignores the value of what the govt wastes our money on.
Krugman famously said an “alien threat” would boost the economy as we prepared for war.
This shows how feeble his brain is, yes spending would go up and the GNP number, but we would have nothing of value. Govt must steal from real production of valuable goods and give that labor and money to false production of a much lower value.
Keynes famously said paying for digging holes in the ground would boost the GNP.
So ask yourself, alien defense, holes in the ground – those people produce nothing of value, but they still must eat. Who feeds them? Who feeds the bureaucrats? Who feeds their staff? Who feeds the unemployed that produce nothing?
You measure wealth and economic progress by production of value – food, computers, entertainment, clothes, cars, bikes, plains, fuel. NOT by spending.
GNP measures are a lie.
Keynes was a fool.
Krugman is a fool.
Q.E.D.
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stablepar
Posted on October 26, 2012 at 1:19amif we reelect the obamunist they’ll be dipping us in the greece
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DOra Glasberg
Posted on October 26, 2012 at 5:03amKrugma has been correct about the economy 100% of the time.
He not only studies merican history but what has failed in other countries =
AUSTERITY DOES NOT WORK.
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historyguy48
Posted on October 26, 2012 at 7:40amWolfgang the grey; what a wonderful idea! Perhaps the storm surge could flood Manhattan Island also just to make it worse.
I never did like that anthill much, can’t you tell?
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Individualism
Posted on October 26, 2012 at 8:16amit will likely be worse than greece, a monetary collapse follow by revolution but that is if we don’t end the fed and put in Gary Johnson and folks in congress than understand free market economics.
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Gonzo
Posted on October 26, 2012 at 9:19amI’m shocked Krugman would support Obama, eye roll.
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G-WHIZ
Posted on October 26, 2012 at 11:19am…AND “thankyou…for that hundred-billion$$ in untraceable cash you sent to my house!!”
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LIBSALWAYSLIE
Posted on October 26, 2012 at 12:35pmIts amazing how backwards the left is! If you want to do the right thing, just do the opposite of what the left says. Liberals are pathetic.
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Zer0
Posted on October 25, 2012 at 6:17pmPaul Krugman is a certifiable, Ivy League educated, ******. In essence, Krugman is saying that in order to avoid an economic fate similar to Greeks, we have to tax and spend like the Greeks. Seriously?
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smokeysmoke
Posted on October 25, 2012 at 6:18pmwe have to spend more to not go bankrupt…. yes joe that is what your saying..
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Ilikepeople
Posted on October 25, 2012 at 6:26pmActually it will happen no matter who is in the White House, because Americans leap to where the grass is greener, and since politicians are drawn from your populace, they too will jump to where the grass is greener until all the grass is completely devoured and the soil destroyed.
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Ilikepeople
Posted on October 25, 2012 at 6:30pmAnd you can take that to the bank and cash it, because it isn’t a [mind trick Federal Reserve Note].
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grimmster
Posted on October 25, 2012 at 6:37pm@ilike aka encinom. So let me guess your drug dealer was out of crack, so you went with meth today?…..
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AlwaysAmazed
Posted on October 25, 2012 at 6:48pmSo ILIKE, just go ahead and early-vote for this POS president we have been saddled with and get it over with. Have you no faith in anything other than ‘pi$$in’ and moanin?’ Have a little faith, young man. And then help us work for a better country. And by by better, I mean the sanity (fiscally and socially) of decades gone by.
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MIBUGNU2
Posted on October 25, 2012 at 6:55pmMight spend more if I had a JOB.. how do get 16 TRILLION
$$$$$$$ into DEBT ? if I was $160.00 in debt, I’d be in deep
shi* probably get my leg broke !! Ya’know if you don’t have
it, you can’t spend it unless you’re a total F’N moron..
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crackerone
Posted on October 25, 2012 at 7:18pmI think he meant, if he approaches B O from the rear, would Greece help.
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hidden_lion
Posted on October 25, 2012 at 7:56pmfact is, Like is right. No way we can pay a debt of $16 trillion as it is, much less the additional money we will borrow to keep running. It is going to collapse. Still would not vote for POS barry.
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DOra Glasberg
Posted on October 26, 2012 at 5:06amThe problem was Greeks didn’t pay their taxes – and suffered no consequences.
Do some homework – read Krugman
Also, the Greeks had a ridiculously LOW retitremenmt age, like 50 or 55.
Ya know Mitt retired at 52. Then decided. ya know what? I think I’ll run for Prezzydent.
Do some homework = Read Krugman.
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Ilikepeople
Posted on October 25, 2012 at 6:17pmWhen the new earth finally comes down from Heaven it will be one whereby people do things out of the goodness of their heart, and not looking for financial gain, but for the reason of furthering Man.
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AlwaysAmazed
Posted on October 25, 2012 at 6:38pmCome back down to Earth ILIKE. Feet back on the soil!
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TX_45_ACP
Posted on October 25, 2012 at 6:16pmKeep smokin’ that “useful idiot” crack pipe …
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oxycontinxx
Posted on October 25, 2012 at 6:16pmkrugman…………..your commentary on electing romney and the consequences therefrom show just how STOOPID you are.
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MiCurmudgeon
Posted on October 25, 2012 at 6:16pmIf we re-elect Oblamer we will be looking up to Greece in envy!!!
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DOra Glasberg
Posted on October 25, 2012 at 6:15pmWhat don’t yo people understand understand?
Romney is just continuing the pursue 3 decades of FAILED Republican economic policies.
By all means vote for Mitt if you though Bush did a wonderful job with the economy.
ROMNEY POLICIES WILL INCREASE THE DEFICIT.
Every REAL economist has demonstrated that.
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DOra Glasberg
Posted on October 25, 2012 at 6:20pmPardon the typo’s.
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Psychosis
Posted on October 25, 2012 at 6:23pmExcuse me, but HuffPost is 2 doors down on the left. No, no prob – you’re not the only one who wandered in here inadvertently. Inadvertently? You know, by accident. Yep, right down there – you’ll be fine – yep, have a nice day yourself! Ok, just trying to look out for your safety a bit – yep, they’ll eat you up on this forum. Huh? Well, it’s a bit more demanding, is all. We expect intellectually honest debate, intelligence, logic, reason, command of the facts, common sense, you know, stuff like that. Ok, sure – but do come back when you’re able and ready. See ya now! Oops, easy there …
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Psychosis
Posted on October 25, 2012 at 6:23pmno worries dora, your typos fit right in with the rest of your idiotic post
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booger71
Posted on October 25, 2012 at 6:28pmObama has increased the deficit by 6 trillion in less than 4 years. Your point is?
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OhioRifleman
Posted on October 25, 2012 at 6:31pmI could have a choice of a veritable smorgasbord of rebukes to the Darwinian-grade stupidity of the indirect implication of your comment, but I am too busy laughing at it to properly retort.
At this point I have to say you are sincere, and not a paid troll, Dora. I’ll give you that much credit. You are just so flat freaking stupid that you should fall under the category of ‘too dumb to live’. Unfortunately, since you live in America, and America is the safest nation on planet in most measures, the environment is just barely passable enough to not prove Darwin correct in this case. I salute your luckiness in residence!
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pantokrator
Posted on October 25, 2012 at 6:33pm“ROMNEY POLICIES WILL INCREASE THE DEFICIT.”
LMFAO!!! This kid over here. You liberals truly, TRULY live in an alternate universe. You know, you can criticize Romney’s policies, but I don’t think your precious, sociopath, pathological liar has ANY credibility in calling Romney out on the deficit problem. Especially since Romney actually has a record of reducing deficits. Just go away, please. You are just an embarrassment to humanity.
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DEFCON4
Posted on October 25, 2012 at 6:33pm@Psychosis, You are truly a good “shepard” and a finder of “lost souls”……….
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Brizzly_Adams
Posted on October 25, 2012 at 6:41pmPlease explain to the blaze followers how the great and powerful O will save us. But. Don’t use any. Words that those of us who aren’t from the world of elitist acaademia.
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Brizzly_Adams
Posted on October 25, 2012 at 6:44pmCan understand
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Michael-Kohlhaas
Posted on October 25, 2012 at 7:13pmWhen you look back in history, FDR’s Keynesian(Krugman) policies were the real reason which prolonged and amplified the Great Depression. If you didn’t like the last 30 years then maybe you might want blame the Democratic Congress which controlled power for all but 12 years.
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topperj
Posted on October 25, 2012 at 7:15pmThe Bush Era ended in 2006 when the Dems took control of the Congress. The policies of Pelosi and Reid are what drove the economy over the cliff. You wanted change in 2006, you got it. You wanted change in 2008, you got it, again. What we are seeing is the result of those changes. 23mm unemployed, 42 months of unemployment over 8%, ballooning of the debt with four years of over trillion dollar deficits, loss of our esteem overseas and a general dispiriting of the American people. All by design. Obama has been a huge success in fundamentally transforming America. Another four years of his intentional destruction of America should just about do it. We’ll be happy to be Greece by the time he’s done.
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DOra Glasberg
Posted on October 25, 2012 at 8:10pmI am waiting for the loopholes to be announced that Magician Mitt is going to turn into 7 TRILLION DOLLARS,
You don’t want debate – this is a mutual masturbation site.
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pantokrator
Posted on October 25, 2012 at 9:10pm“You don’t want debate – this is a mutual masturbation site.”
What’s to debate? You are making a complete fool of yourself. There is nothing to challenge. Nothing you say has any basis in reality whatsoever.
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Zekron
Posted on October 25, 2012 at 11:05pmDora Gassbag, I love it when you economic illiterates pretend to lecture people who actually understand how the economy works. So, Obama takes money out of the hands of the productive sector, 50% is lost in government overhead and the remainder go to his cronies who pocket it and take their companies into bankruptcy so they are protected from paying back taxpayer money. Yeah, continue to drool on your mothers keyboard. I’d normally call you a moron at this point but the moron community finds you an embarrassment.
Okay, one more time…get used to saying “President Romney”.
LOL, you are such a loser.
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Do_not_reelect_DSA_members_congress
Posted on October 25, 2012 at 6:14pmWe’ll surely become like Greece if the UN owns us! Why is Glenn letting and an advertisement for AGENDA 21 be televised on the Blaze TV? It states that Agenda 21 is coming! Who is the Ad from? Why is it not censored?
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Psychosis
Posted on October 25, 2012 at 6:24pmits not an advert FOR AGENDA 21
ITS A WARNING
not the brightest bulb are ya
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U.N.hater
Posted on October 25, 2012 at 7:06pmWill Romney get rid of it.http://whatisagenda21.net/This-is-agenda-21.php
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Lib Whisperer
Posted on October 25, 2012 at 6:14pmAs an employer I will NOT hire anyone with an Ivy-League degree. Let my competition be burdened with unwinding this kind of thinking. If it’s even possible, it will take years… and several lawsuits. Meanwhile I’ll train the guy from the motor pool.
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Wool-Free Vision
Posted on October 25, 2012 at 6:13pmThe fact that Paul Krugman is still employed only goes to showcase the New York Times’ utter lack of credibility and relevance.
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762x51
Posted on October 25, 2012 at 6:24pmKrugman is still employed by the Slimes because he is a leftist not because he is an economist. He has been wrong about everything he has ever done. The guy is a complete moron and beneath contempt. He is a complete joke in his “profession”. It is useless jack holes like Krugman that have spent us into this situation, he thinks we should have spent more, spending our way to prosperity – right. We will wind up like Greece anyway because of what the left has done to us.
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Anonymous T. Irrelevant
Posted on October 25, 2012 at 6:34pmKrugman “If we don’t re-elect Obama, ALL the puppies and kittens in the country will die!”
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noland
Posted on October 25, 2012 at 6:12pmThe Kansas city star LOVES this weasal, He is thier God. Makes me sick, lies lies they actualy tell people who too VOTE for. Old folks lap it up.
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DEFCON4
Posted on October 25, 2012 at 6:11pmYeah, you’re right Mr. Krugman “trickle-up poverty” is the answer…….
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justangry
Posted on October 25, 2012 at 6:13pmYup
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Marci
Posted on October 25, 2012 at 6:16pmHe isn’t talking to anyone with a brain. Remember, people tuning in to him and buying his words are merely sold by the language, not the substance. Sadly, undecideds tend to be these people. HOW can you be undecided???
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BreeZee
Posted on October 25, 2012 at 6:17pmI just read the title and knew it had to be that idiot krugman the progressive economy guru that proves Nobel and Pulitzer prizes are a waste.
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DOra Glasberg
Posted on October 25, 2012 at 6:17pmWhere are the jobs trickle down was supposed to create?
The ‘job creators’ don’t create – they hoard,
Of course not the Romneys, at least they invest —— IN CHINA AND RUSSIA.
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Just_Bubba
Posted on October 25, 2012 at 6:47pmHey Dora…how many poor people hire workers? You are an idiot of the first degree and like encinominal I can’t believe you remember to continue breathing. Oh that’s right…the reptilian portion of our brains controls autonmous functions. Lucky for you guy’s huh?
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Berbel73
Posted on October 25, 2012 at 6:47pmDora, Dora, Dora, There is an old saying that it is better to remain quiet and be thought a fool rather than speak and remove all doubt. You’d be wise to heed these words.
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AlwaysAmazed
Posted on October 25, 2012 at 7:11pm@DORA
Where are the jobs trickle down was supposed to create?
They all went away when the ‘jackass’ was elected.
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barber2
Posted on October 25, 2012 at 8:07pmMs. Gasberg: If only your ability to reason equalled your ability to post vapid, lefty comments…
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trcoop
Posted on October 26, 2012 at 8:30amDora Oh…you mean all those shovel-ready jobs that ….oops just weren’t there. Or maybe Govmint Motors planning to make more cars in China than the US …or GE with all their out sourcing of US jobs without paying taxes
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kickagrandma
Posted on October 25, 2012 at 6:11pmIF obamanation is re-elected, the UNITED STATES OF AMERICA will be just that ~~~ a big grease spot on the pages of history.
Anyone paying attention to the storm, GOD’s storm, in the Atlantic? Answer to prayer???? I’d say so. Keep on praying, AMERICA.
GOD’s ways are nearly always different from ours. Without a doubt this storm is to save us from something the evil one had prepared for us.
Do continue to pray, daily, 24/7 if you can. Fast and pray for GOD’s HOLY WILL and our return to HIM.
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godlovinmom
Posted on October 25, 2012 at 6:17pmYes mam, I’ve been praying…my adult children think I’m wierd…until I ask them to pray too…its their future also..I ask that God once again bless America!
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DOra Glasberg
Posted on October 26, 2012 at 5:09amAny one still touting the jobs creators nonsense needs a strait-jacket.
Neither Bill Gates nor Steve Jobs were millionaires when they started.
Millionaires are just sitting on their loot.
I know, that’s Obama’s fault too, I’ve heard.
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Pat Alexander
Posted on October 25, 2012 at 6:11pmIt’s a wonder this guy didn’t drown when he fell into that Kool-Aid vat…..
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HotFixIt
Posted on October 25, 2012 at 6:20pmComments like this one REALLY make me want a “Like” button!
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HKS
Posted on October 25, 2012 at 6:11pmReally, a drunken sailor could’nt piss money away and run up debt faster than Obama. This guy is a fool.
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coyote1hell
Posted on October 25, 2012 at 6:10pmPee Krugman is an Obamabagger, a Sac clinging leech, that has Commie-Pinko-marxist leanings…so Buh’rack likes this clown…
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OneTermPresident
Posted on October 25, 2012 at 6:10pmHis **** should be on his neck. I swear they live in an alternate universe.
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jakartaman
Posted on October 25, 2012 at 6:10pmKlugman has a long history of being on the wrong side of economic predictions.
He is also a screaming socialist.
He thinks Castro’s 60 year run has been a success
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DOra Glasberg
Posted on October 25, 2012 at 6:19pmYou are 100% incorrect.
You conservative just love to make up your own ‘facts’.
100% incorrect. And that WAS meant to be a factual statement.
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booger71
Posted on October 25, 2012 at 6:30pmDora is just another lowly paid troll for the Buffoonington Post
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pantokrator
Posted on October 25, 2012 at 6:30pmToo bad it failed.
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Tri-ox
Posted on October 25, 2012 at 6:09pmKrugman. LOL.
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Ilikepeople
Posted on October 25, 2012 at 6:09pmI’m kind of thinking the whole world is going to end up like Greece which means the U.S will also be like Greece.
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BIGWUN
Posted on October 25, 2012 at 6:08pmThe giveaway for this mullet is that he won the Nobel prize in economics. He and O and the EU are in a very proud group of Leftisit failures who all got the Prize.
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godlovinmom
Posted on October 25, 2012 at 6:18pmKind of tells me that nobel prize it’s not worth spit!
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jujulyly
Posted on October 25, 2012 at 6:08pmOver 400 economists ( 5 of which are also nobel prize winners) agree with Romney.
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DOra Glasberg
Posted on October 25, 2012 at 8:08pmWhere did ya ever get that one. Yer backside?
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Electacon
Posted on October 25, 2012 at 11:32pmAccording to this page it is 673 and 6 Nobel Laureates. http://economistsforromney.com/
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godlovinmom
Posted on October 25, 2012 at 6:06pmJust from the headline…doesn’t sound like a very smart economist to me…tho I’m just a simple homemaker….but if I ran my household like Obama runs our country…I’d be in big trouble…wait, what?
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biohazard23
Posted on October 25, 2012 at 6:09pmYou and me both, sister. :)
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DEFCON4
Posted on October 25, 2012 at 6:22pmPres. Obama couldn’t run a coin-operated laundermat !!!!
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AlwaysAmazed
Posted on October 25, 2012 at 6:36pmGODLOVINMOM
That is precisely why most households work and Washington doesn’t. Most economist are so FOS they don’t know which end to spew it from. Their main purpose in life is to find a place in a company such as the (soon to be bankrupt) NYT that is foolish enough to pay then. At that they are good. At formulating working economic models that actually do work, not so much.
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godlovinmom
Posted on October 25, 2012 at 6:52pmDefcon…but he can organize a community…a chicago community!
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DEFCON4
Posted on October 25, 2012 at 7:37pm@Godlovinmom, You are right about that. He helped a community turn into a “shooting gallery”
Up-dated stats : Number of people shot in Chicago in 2012= 2,211!
Number of homicides in Chicago in 2012=450!
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BIGWUN
Posted on October 25, 2012 at 6:06pmBe kind Blazers. This man is talking about the share price of the NYT, right? Why would we want a President who knows how to successfully run a large enterprise, create surpluses from deficits and preserve freedom?
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pantokrator
Posted on October 25, 2012 at 6:06pmBiggest pile of completely unrealistic, fantasy-fueled, desperate, unbelievable S**T ever uttered through a human’s mouth. Obama’s lying spree was just slapped in the face.
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Snowleopard {gallery of cat folks}
Posted on October 25, 2012 at 7:00pmAMEN completely.
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DOra Glasberg
Posted on October 25, 2012 at 8:07pmKrugman is a Nobel winning economist.
Paul Ryan, not so much.
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pantokrator
Posted on October 25, 2012 at 9:16pmI find these arguments laughably ridiculous. Because the guy wins a pretty trophy he’s a genius? Obama won the Nobel Peace Prize, but when I look around, the world is coming undone. Is that really the best you got? Trophies? It comes down to who has the most trophies? That’s the stupidest pile of garbage I’ve ever heard, and it is hysterical.
Lil Wayne wins awards for his “music”, so I suppose he’s a genius artist then, huh? Please. Just go away, before you make a bigger fool of yourself.
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drs1969
Posted on October 25, 2012 at 11:42pmRe: Dora
Krugman, BHO and Arafat received Nobels because it would have just looked silly to put ‘gold stars’ on their foreheads.
Nobels are sign of corruption.
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00100111
Posted on October 26, 2012 at 2:44pmGASBAG, Krugman also thought preparing for an alien invasion was a sound economic policy. As for the pulitzer prize, considering they’re handing out nobel peace prices like they’re candy (Obama…) I don’t put much credibility in them anymore. A group of leftists giving props to a leftist approving of how leftist they are doesn’t exactly inspire confidence.
Hop on back to media matters, child.
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