We're in Big, Big Trouble

Krugman: GOP control will be economic 'catastrophe' for America
By John Johnson,  Newser Staff
Posted Oct 29, 2010 11:35 AM CDT

(Newser) – Paul Krugman doesn't use the word "Armageddon" when predicting what will happen under Republican control of Congress, but he comes pretty close. "This is going to be terrible," he writes in the New York Times. "In fact, future historians will probably look back at the 2010 election as a catastrophe for America, one that condemned the nation to years of political chaos and economic weakness."

The problem is that our economy is still a basket case, and it needs "active policies" from the government to rebound, writes Krugman. With a GOP-run House, those policies will never arrive. "In fact, if they get their way, we’ll get the worst of both worlds: They’ll refuse to do anything to boost the economy now, claiming to be worried about the deficit, while simultaneously increasing long-run deficits with irresponsible tax cuts—cuts they have already announced won’t have to be offset with spending cuts." (Read more midterm elections stories.)

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