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Paul Krugman: Behind the Curve
Economist's View —
[Behind the
Curve, by Paul Krugman, Commentary, NY Times]
I've heard people say the debate over the size of the stimulus package was
misrepresented in the media, that the media
rarely presented the view that the plan was too small.
President Obama’s plan to
stimulate the economy was “massive,” “giant,” “enormous.” So the American people
were told... Watching the news, you might have thought that the only question
was whether the plan was too big, too ambitious.
Yet many economists, myself included, actually ...
Deal with it, Paul (by Russell Roberts)
Cafe Hayek —
Here is Krugman on the state of the economy and Obama's policies: There are now three big questions about economic policy. First, does
the administration realize that it isn’t doing enough? Second, is it
prepared to do more? Third, will Congress go along with stronger
policies? On the first two questions, I found Mr. Obama’s latest interview with The Times anything but reassuring. “Our
belief and expectation is that we will get all the pillars in place for
recovery this year,” the president declared — a belief and expectation
that ...
Waking up to government failure
SCSUScholars —
... Krugman is going to have to come to grips with the possibility that maybe it wasn't Bush that made government so incompetent. It was government. ...
More on Aggregate Demand and Micro-level Coordination (by Don Boudreaux)
Cafe Hayek —
... Earlier this week, Paul Krugman claimed that the current stimulus plan is "too small and too modest." And, as I mentioned, my colleague Tom Hazlett (and his co-author George Bittlingmayer) offered ...
"Grading Obama on the Economy"
Economist's View —
... The problem was the politics, not the economics. The administration did not
get out in front and dominate the political message. Instead, the framing was
left to the opposition, and that forced compromises in the stimulus legislation
that limited its potential effectiveness, perhaps to the point of
falling below the critical threshold needed to get the economy moving. ...
Does The US Economy Need More Stimulus?
Daily Markets —
... However, as an observer of recent data, I do not find this report comforting. The total number of employed people continues to decline. A smaller decline is better than a larger decline, but it’s still a decline. The hard data don’t tell us we’ve hit bottom until the job losses are over. In terms of the chart, when the bars stop falling below the horizontal axis. Regarding the second point, the need for more stimulus, the doom and gloom crowd (notably Brad DeLong and Paul Krugman ) want more stimulus. So let’s look at how much stimulus we’ve actually had: ...
What I was afraid of
Paul Krugman —
Back in March, when I was lamenting the inadequate size of the Obama stimulus , I made this prediction: Republicans are now firmly committed to the view that we should do nothing to respond to the economic crisis, except cut taxes — which they always want to do regardless of circumstances. If Mr. Obama comes back for a second round of stimulus, they’ll respond not by being helpful, but by claiming that his policies have failed. And I laid out the following scenario: So here’s the picture that scares me: It’s September 2009, the unemployment rate has passed 9 percent, and ...
