Quote from Chicago_CTA:
Krugman is an imbecile and HYPOCRITE. I know for a fact he does not run his family budget in the same manner he advocates our Republic to run its budget.
Krugman's philosophy for the country to get out of debt and become more prosperous is to borrow more money, led by the federal government, which is notoriously inefficient at anything it attempts.
If krugman ran his life the way he advocates we run our country his whole family would be living in a SHELTER and his wife would be sucking dick for food.
Yeah, but his readers lap it up.
His readers still insist, following his lead, that the stimulus wasn't big enough.
The stimulus that was passed was over $800 billion and Krugman said it should have been $1.1 trillion, as I recall.
Unless you assume that first $800 billion wasn't spent on the best possible projects on the government's to-do list, each dollar of an additional $300 billion would have had even less of a marginal impact as the 800 billionth dollar spent on the stimulus that did pass. Given that the $800 billion didn't get us anywhere near where Obama's team said we would be, we know that they already overestimated the marginal impact of each dollar in the stimulus. In fact, I would be shocked if, even at low interest rates, there was any net benefit to the stimulus at all.
An additional $300 billion would have likely made almost no difference. That Krugman keeps screeching to the contrary just shows that he is either incapable of the relatively simple "marginal benefit" analysis that I just walked through or he's an ideologue trying to provide intellectual cover for a failed policy because he knows that the benefits of the stimulus, whatever they were, flowed to his political allies. So, yeah, he wanted to see $300 billion flow away from non-partisans or the other side's partisans to his partisans, but that doesn't make it a good idea for those footing the bill.
I can't believe I've never seen anyone calling him out on this "marginal benefit" problem with his stimulus post-mortem.
