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Politics : Politics for Pros- moderated
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To: Rollcast... who wrote (14525)10/30/2003 5:30:26 PM
From: Lizzie Tudor  Read Replies (3) of 793597
 
Krugman doesn't care about blind GDP figures, he has said as such in his book.

Think about it- GDP of 7% while the deficit is the highest ever, states are broke and the job market is the worst in 60 years is not really something to cheer about. Now we know what the residents of the old eastern bloc felt like when the western economies were on fire. Krugman's base point is that few are benefitting at the expense of the many and a huge GDP with bad employment numbers just solidifies his point.

I disagree with Krugman and other traditional democratic economists because they hold on to the dinosaur social security/medicare system and I would like to see it killed off starting tomorrow. But, the fact remains that if you force the workforce to disproportionally support a boondoggle, and then you use the money elsewhere for wars or what have you, there is an IOU that needs to be fulfilled by somebody.
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