Time for Thorns

An independent view on life.

Posts Tagged ‘Paul Krugman

Krugman economics in action…

leave a comment »

The reason  this piece  mentions Paul Krugman,  the New York Times writer who reminds us at every opportunity that he won a nobel Prize for economics,  is that he and his acolytes  presume that government spending drives economic growth.   Therefore,  any decrease in taxation and any decrease in government revenues is bad for individuals.

The sad tale of Williston,  North Dakota shows Mr. Krugman wrong.  Government spending is a tax on everyone,  and all politicians fail to control their spending desires when presented with a pile of other people’s money.   Williston had huge revenues for a time from fracking,  and spent like the proverbial drunken sailor on projects it did not need,  and now has debts it can never hope to repay.   Government growth occurs because there is privately created wealth for it to take,  and the only smart thing to do economically is to restrict government spending.  Those who create wealth generally search for ways to increase their wealth,  and they tend to be much superior than governments when it comes to spending habits.

I think we should all band together and purchase Mr. Krugman a plane ticket to Williston plus a motel room for a week.  Perhaps if he has to live in the wreckage caused by his supposed mastery of economics,  he will gain a dribble of common sense through simple observation.

 

 

Advertisements

Written by timeforthorns

January 20, 2018 at 3:55 pm

Another Krugman fail…

leave a comment »

Economist Paul Krugman,  never reluctant to remind us that he won a Nobel Prize in Economic Sciences,   wrote shortly  after midnight that Trump appeared likely to win,  which would of course,  collapse the world’s financial markets,  lead to global ruination,  and from which the markets would never recover.

The Dow opened a tiny little 15 points down and within minutes began a climb to up by 251 points,  pulling other indices along with it.   I’ve never thought much of Krugman as an economic expert,  because he is an elitist snob who has never grasped that markets are made up of people,  and that when governments keep their sticky thumbs off the scales,  markets are quite efficient, which is precisely why big-government advocates hate free market principles.

Krugman had to sort of  take back  his prophecy of economic doom after he woke up,  but I look forward to many more examples of stupidity from Krugman over the next four years.

Written by timeforthorns

November 10, 2016 at 10:06 am

Posted in Uncategorized

Tagged with , ,

Things could be worse…

leave a comment »

So says Enron economist Paul Krugman,  having previously pined for a MUCH larger stimulus,  sung the praises of China’s all-powerful government,  and is now sighing that instead of following Japan’s model,  “…we will take a hard right turn into economic disaster.”

But yes,  things could still be worse for Japan.  It could still be taking economic advice from Tim Geithner,  who gave them the Lost Decade which is now stretching into two lost decades.   As Treasury Secretary,  Timmy is now in the process of giving America a lost half-century,  being,  like the rest of the Obama Administration,  unable to distinguish between a ditch and a cliff.

Written by timeforthorns

September 10, 2010 at 4:10 pm

Recovery summer?

leave a comment »

J. D. Foster says it’s  a pipe dream;   I say it’s more  like a nightmare,  as  IBD does.

It would become a true night terror if Treasury was lying when it insisted  rumors of lowered Fannie Mae’s and Freddie Mac’s mortgage refinancing standards or trimmed  mortgage balances for homeowners were false.

IBD  thumps Paul Krugman for distorting history in order to justify sucking still more money out of the private economy.   Speaking of Krugman,  Joseph Lawler lays into him for this utterly partisan attack on Rep.  Paul Ryan and his Roadmap for America,  which is the ONLY plan CBO has forecast to prevent an economic collapse brought on by a debt crisis.   Perhaps that is what so alarms Krugman.

Add to that whispers of the incredible authority given to the head of the new Consumer Financial Protection Bureau being unconstitutional,  and the rosy economic scenarios His Oneness keeps spouting,  and November is looking more and more like a very pleasant month for patriots.

Written by timeforthorns

August 8, 2010 at 8:07 am