 Larry Summers (Obama’s economic adviser) keeps pointing out that the economy has recently been showing significant signs of improvement, and we are far less likely to face severe depression and total financial collapse than originally thought or predicted. Paul Krugman pointed out that this is not a recovery, only a “pause” in the recession, which is why we are now calling Krugman the “rebel with a pause”. He points out that industrial productivity is still falling, unemployment is still up and things are “getting worse more slowly”. With the constant debate raging between Krugman and the Obama team, we hope that this rebel is wrong about his pause, and if he is right we hope that the Obama people can swallow their pride and bring rebel Krugman on board. |
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Monday, April 20, 2009
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4 comments:
Long term study of business cycles tells us that economies have a tendency for self-correction. The major problem with the current situation is the massive debt in our world and American economy.
Piling on more debt will not solve our problems
I'd be interested in finding out what these two have predicted in the past... funny that everyone says everything is great, no recession, for the last few years, and now they say "oops, we were wrong" -- but now we believe thier new predictions? Strange.
Krugman does fine work. Back in 2000 he was explaining that 0.25% of americas wealthiest controled as much wealth as the 99% below them. It was obvious where such huge inequity in wealth would lead the nation. Here we are, in crisis. But respect the powers that be kept things togather about 20 yrs longer than I expected they could.
Krugman has said that he does not want a job in any administration.
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