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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Steve Lokness who wrote (96572)4/17/2009 1:55:47 PM
From: koan  Read Replies (3) of 116555
 
Re Krugman: We just have a simple disagreement here.

Krugman and Stiglitz and Minskey are basically Keynsian's as am I. The theory is we need government to spend to prime the pump during recessions and then once we are back on track we start paying the debt down.

Bush was supposed to pay the debt down during his good years. That is how the theory works. Borrow during recessions and pay back during times of plenty. But he didn't do that.

When bush took over we only owed 5 trillion dollars. Bush immediately gave two trillion dollars to 1/10 of 1% of the richest people in the country. Had he used that money pay dowen the deficit instead we would have only owed 3 trillion.

Then bush gave another 5 trillion to his rich frinds and left us with a 10 trillion deficit. Those are the facts.

So we just have different theories. That is what is so wonderful about democracy. It forces us to compromise.
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