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Politics : View from the Center and Left
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To: JohnM who wrote (147904)10/22/2010 6:20:07 PM
From: Steve Lokness  Read Replies (2) of 542659
 
John;

I'm afraid Krugman is the more credible witness here.

What more than me? Actually Krugman is standing more alone as time goes by.

And the economic policies which followed made matters much much worse than they would have been had they followed a more Keynesian approach

Like i continually argue though John, those countries that were pushing the envelope in Keynesian style spending are hurting the most while those more conservative and also addressing their debt issues are doing far better.

Krugman, ....is very conscious of the debt.

I just flat out disagree. If Krugman had been worried about debt he would have urged a more restrained policy as we went into and during the bubble. Did krugman suggest then that we needed to work on our deficit? He did not, in fact he urged more spending. When do we address the debt John? If not during the biggest bubble in any of our lifetimes, then when?

Now going forward we have everything working against us; the demographics as the baby boomers enter retirement, less immigration (I suspect), and an absolutely huge deficit problem. All of these things are going to mean a harsh fiscal mess going forward - less money coming in because of retired baby booms and more money going out for retirement and health benefits for baby boomers AND all that future earnings going to service the debt.
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