Krugman: Here's hoping Obama's audacious enough
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#1 Nov 11, 2008
Where does one start with Krugman? Maybe by pointing out that he is once again indulging the broken window fallacy by pointing to WWII as the "sufficient stimulus" to end the Depression?
Reality is that, without stimuli, our economy tended to recover from recessions in about a year or so. The Depression, with extensive stimuli from both Hoover and Roosevelt, lasted a decade and a half. Consumption didn't recover until (ahem) 1946, more or less. And would I give up Socialist Insecurity and its ten trillion dollar unfunded mandate?
In a minute, I would.
Time for Mr. Krugman to re-read his Bastiat and remember why the broken window fallacy is indeed a fallacy, as is the idea that we can vote ourselves a subsidy and somehow achieve an economic stimulus by picking our own pockets.
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