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NEWS ABOUT: Paul Krugman

GOP Is Extorting Middle Class

Krugman: Mitch McConnell might as well be a gangster

(Newser) - Mitch McConnell knows he doesn’t have the votes to blow up the budget by extending big tax cuts for the rich. “So he’s trying to get what he wants by pointing a gun at the heads of middle-class families,” writes Paul Krugman of the New York ... More »

China's Hurting Us By Lending to Us

Japan's figured this out, why can't we?

(Newser) - When Japan’s finance minister complained last week about recent Chinese purchases of Japanese bonds, it “made me want to bang my head against the wall in frustration,” writes Paul Krugman of the New York Times . See, the US has repeatedly refused to do anything about China’s... More »

It's 1938 All Over Again

And World War II isn't walking through that door

(Newser) - The US economy has been crippled by financial crisis, and the president’s too-cautious policies have failed to stem the bleeding. More stimulus is needed, but the public has soured on spending and plans to kick Democrats out of office. Sound familiar? That was the situation in 1938, writes Paul... More »

Krugman: We're Not Bouncing Back

'Policy-makers are in denial'

(Newser) - You know that recovery officials promise is underway? It's not happening, scoffs Paul Krugman, and he blames federal officials' reluctance to take responsibility. "This isn’t a recovery, in any sense that matters. And policy-makers should be doing everything they can to change that fact," he writes in... More »

Social Security Is Just Fine

There's no crisis, conservatives just hate the program

(Newser) - Social Security turned 75 last week, but nobody felt much like celebrating, because the program is under an “unnecessary, unfair and—let’s not mince words—cruel attack,” writes Paul Krugman of the New York Times . Some Democrats and most Republicans claim social security is in crisis, and... More »

Suck It Up— We Need Taxes

Our basic government functions are falling by the wayside

(Newser) - Local governments across America are cutting back on basic services that virtually everyone needs—roads are being broken down into gravel, teachers laid off, and, in at least one town, the street lights literally turned off—because they have no money and can’t stomach a tax increase. The situation... More »

Where Obama Went Wrong With 'Pundit Delusion'

Hint: It's not because he's too liberal

(Newser) - Pundits may argue that Barack Obama is too liberal, but they’re wrong, writes EJ Dionne of the Washington Post . The truth is that Obama is a center-left progressive, but because today’s politics are defined by the passionate political fringes, he’s not perceived that way. And that’s... More »

Gutless Fed Ignores Deflation

Bernanke should, and does, know better

(Newser) - Back in 2002, academic and then-lowly Fed official Ben Bernanke gave a speech explaining that we needn’t worry about falling into a deflation trap like the one that has long gripped Japan, because the Fed had all the tools to stop it. Well, now Bernanke runs the Fed, and... More »

Let's Face It: It's a Depression

Savage cuts when governments should be spending will prove the fatal blow

(Newser) - Paul Krugman uses the D word today, arguing that we're now in the early stages of a third depression. It may turn out to be more like the Long Depression of the 19th century than the dreaded Great Depression, but that's not going to offer much succor to the legions... More »

Deficit Hawks Impervious to Math, Logic

It's the '30s all over again as Germany, US cut spending

(Newser) - Paul Krugman is in Germany, and he’s sparring with deficit hawks, in this case supporters of Angela Merkel’s new austerity plan. It “feels a bit like arguing with US Iraq hawks back in 2002,” he writes in the New York Times . “They know what they... More »

US Economy Needs Less Caution, More Spending

Forget deficit; fret over threat of 'lost decade'

(Newser) - No matter what you've heard panicked commentators say, the US is not the next Greece, and the government is not trying to do or spend too much in the face of the slumping economy. In reality, Washington isn't doing or spending enough, and as a result, the US could be... More »

Is US Like Greece? NYT Writers Disagree

Our federal debt may or may not doom us

(Newser) - David Leonhardt warns in the New York Times today of the parallels between Greece and the US. "The basic problem is the same," he says. "Both countries have a bigger government than they're paying for." He cites a stat showing that our federal debt is projected... More »

Gulf Spill Will Make Us Care About the Planet Again

Paul Krugman finds a silver lining in changing public opinion

(Newser) - We can't begin to guess the full devastation of the Deepwater Horizon disaster, but Paul Krugman finds an unexpected silver lining: Environmental destruction has become "photogenic again." Just as Earth Day was born four decades ago of an America sickened by images of Santa Barbara beaches coated in... More »

Real Subprime Scandal Is Ratings Firms, not Goldman

99% of AAA-rated subprime securities now junk

(Newser) - Goldman Sachs won't come out of the Senate financial reform hearings smelling of roses, but it's the much bigger stink coming from credit ratings firms that lawmakers should focus on, warns Paul Krugman. Emails released by the Senate subcommittee probing the financial crisis show how corrupt the system of credit... More »

Obama, Please Screw the Banks

President doesn't have to play nice with these guys

(Newser) - Barack Obama went to New York yesterday to beg Wall Street to play nice on financial reform, and Paul Krugman really wishes he hadn't. Obama said reform would ultimately help the financial industry, but Krugman doesn't see the need to play nice with the big banks. “Reform actually should... More »

It's Time to Stop the Looters on Wall Street

And financial reform is the only way to do that

(Newser) - The SEC's charges against Goldman Sachs reveal a whole new kind of fraud at work in the financial crisis, writes Paul Krugman of the New York Times . If Goldman had simply sold securities while betting they would fail, it would be “reprehensible” but not illegal. But selling securities deliberately... More »

Republicans Want to Abolish Financial Firemen

McConnell is doing Wall Street's bidding

(Newser) - Mitch McConnell wants to abolish fire departments—they just bail out burning buildings. We won’t get out of this mess until the biggest buildings are allowed to burn! That’s essentially what McConnell’s latest assault on financial reform amounts to, writes Paul Krugman in the New York Times ... More »

Financial Reform: 'Punks' Take on Plutocrats

GOP argument against reform is upside-down, writes Paul Krugman

(Newser) - With financial reform on deck, Senate Republicans are busily figuring out how many "can get away with claiming that war is peace and regulating big banks is doing those big banks a favor," writes Paul Krugman in the New York Times . Alabama's Richard Shelby is portraying efforts to... More »

3 Big Myths About Health Care Reform

Don't be taken in by misinformation, warns Paul Krugman

(Newser) - Health care reform has made a miraculous comeback but its opponents are going to try to hoodwink the public with misinformation and lies down the home stretch, writes Paul Krugman. He outlines "three big myths" about reform in the New York Times .
  • "The government is grabbing control of
... More »

Bunning Shows Dems, GOP Are In Different Worlds

Time to give up on bipartisanship, writes Paul Krugman

(Newser) - The big lesson from Sen. Bunning's blockade of unemployment benefits is that the Democrats and Republicans are now in totally different universes, writes Paul Krugman. This is amply demonstrated by Republicam Senator Jon Kyl of Arizona's threat to block a bill extending benefits for the rest of the year in... More »

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