Paul Krugman Debunks Mitt Romney’s Economic Nonsense

On CNN, Paul Krugman called out Mitt Romney today for spouting nonsense about the economy and explained why Romney’s plan to do what Greece did won’t bring prosperity to America.

Here are Krugman’s thoughts on Obama and Romney via CNN:

Transcript:

ZAKARIA: All this said and done, are you enthusiastic about President Obama? You were not for him in the Democratic primary four years ago.

KRUGMAN: Right. I mean, we’re a long way past where I think enthusiasm is the appropriate emotion for anything here.

But he’s learned a lot. And, you know, his heart’s always been in the right place, and I believe his head is now in the right place. And you certainly — of course, I can’t do endorsements, right? It’s a Times rule. So you have no idea who I prefer in this election.

(LAUGHTER)

But he certainly is talking sense about the economy, and Mitt Romney is talking utter nonsense. And you really do worry. In effect…

ZAKARIA: What is the single biggest piece of nonsense that Mitt Romney…

KRUGMAN: Mitt Romney is saying basically that spending cuts are how we’re going to get to prosperity. Mitt Romney is saying, see what’s happening in Greece and in Portugal and in Spain and in Ireland; let’s do that here.

Boy — you know, we’ve just had a massive test, human experimentation on a massive scale, in effect, alternative doctrines of economic management. We’ve just seen which doctrines are disastrous. And the Republican platform is, let’s put that doctrine that has just caused collapse in Europe — let’s put that doctrine into effect right here in America.

Krugman was right on the money. Republicans have been trying to play what they think is a clever game of pretending that what they have proposed isn’t austerity, while at the same time threatening to implement austerity if they don’t get what they want, which is austerity. History shows that economies suffocate under austerity, but Republicans like Mitt Romney and Paul Ryan keep pushing the insane idea is that we can do the same thing that Europe did, but expect a different result.

Republicans are using austerity as an economic justification for their policy of feeding the rich while starving everyone else. The Romney and Ryan plans by design don’t force any austerity measures on the wealthy. The austerity is designed for everyone else. The rich would benefit while America’s devolution into a society of haves and have nots would accelerate. The reality is that Spending cuts never bring prosperity, and many of the rank and file Republicans who are championing the cuts fail to understand that those cuts will be coming out of their hides. All of the Republicans over 65 years of age who support Romney haven’t put the pieces together that a vote for Mitt is a vote to slash their Medicare.

Mitt Romney is spewing contradictory economic nonsense, because the Republican platform is becoming little more than historically discredited feel good dreams of trickledown worship and gibberish.

Paul Krugman is right. A majority of his fellow economists know he is right. The American people know he is right, and history proves him correct, but the Republican Party is trapped in a suicidal fantasy economy of their own creation. It is this fantasy that Romney has to pander to in order to keep his base, and it is the same fantasy that Paul Krugman absolutely destroyed.

14 Replies to “Paul Krugman Debunks Mitt Romney’s Economic Nonsense”

  1. Whenever I read about the Republicans’ economic plans, all I can think of is either of two things: first, that they’re incredibly stupid and uneducated about economic theory; or second, that they really are out to destroy the U.S. as it currently exists, in preparation for a plutocracy.

    Either scenario is scary indeed.

  2. I firmly think its the GOP plan to crash us just like Greece. There can be no other explanation. Why else would they be trying to do what caused Greeces downfall? I dont know but I am betting that Greece would have been fine had a few American investors and big banks not bought up Greek Debt.

    There’s no 2 ways about it. They do not want a recovery even if elected. Romney wants to add 10 trillion to the debt, Ryan would add a few trillion were his plan used and all at us with lower wealth greeks will pay for it.

  3. While Krugman is right about general spending cuts, he needs to get realistic about the growth curve for Medicare and Medicaid. There is a rather simple solution and that is to give states a per participant allowance rather than an open check book we have now. Many states like Oregon operate Medicare for 50% of the cost of NY or FL. Yes HALF the cost with as good or better health out comes. Implementing this fix is also rather simple, ut these wasteful states who are feeding the Medical Industrial Complex on a diet where they get their allowance cut back 5% each year until they are spending the SAME per participant as the more frugal states.

    The would not be cuts to services but cuts that would force the programs to take advantage of KNOWN efficiencies. It aint rocket scinece when 5 states are already doing it!

  4. It’s pretty much a given that if M(r)oney were to win in Nov. his ‘economic plan’ would be scraped and something else would take its place.

    Thus, he’s the bait and switch candidate.

  5. The answer is plutocracy. That’s the only way they can solidify their power and control. The reason is that as a political party, they have no ideas. They’re not much more than an extension of corporate interests now.

  6. It has gotten to the point that the Republicans are going to cut off their nose to spite our face. Big money, and PACs are buying this election. The Kochs and Rove are bound to destroy our country. People need to read and study and they’ll find that the Repubs are not out for the good of the country but out for the good of the rich. Where are the jobs? They’re all overseas. American business wants me to spend my money on stuff they make in China and then put their name on? I go out of my wat to try to buy as much American made as I can. Support local businesses, keep the money flowing in my local economy. We need to boycott Walmart….old Sam would spin in his grave if he could see what the “kids” have done to his business. Wake up America…..we can’t let the Republicans sell us down the river. I don’t want to support my local millionaire….he’s doing quite well. We need to help each other. Bring business back to the states, support American technology for wind and solar. Sorry, just get carried away when it comes to MY America. VOTE Obama 2012.

  7. I have seen a lot of effort lately to paint austerity and the Ryan budget as something that is “Mitt Romney’s” economic plan. It needs to be emphasized that this is the REPUBLICAN’S economic plan, and that they need to be kept out of CONGRESS for this nonsense as well as just not elected to the White House. For President Obama’s economic vision, he needs a Congress he can work WITH, rather than one that obstructs everything he tries to urge us toward.

  8. Debbie — Good for you! I’m north of the border and I actively seek out Canadian-made products in Canadian-owned stores. I detest WalMart for its business practices and the only time I’ve ever entered a WalMart is to use the washroom!

    The GOP seems to be remarkably adept at spreading false or misleading info to the general public. I’m happy to see fairly quick responses from the Democrats, but they really need to get ahead of the game — for all our sakes.

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