RickCaird Wrote:
May 02, 2013 7:31 AM
I consider Krugman to be the voice of the Keynesians. That recent column where he declared "victory" will come back to haunt him. It was the height of both arrogance and condescension and showed that the partisan Krugman has poor to no judgment. He is writing for his acolytes, not the general population. However, the Keynesians like to claim the economy would be worse if we had not spent around $1.5 trillion in government deficits in each of the last 5 years, but they fail to explain why such a massive stimulus failed to actually stimulate. All this massive spending has done is raise the GDP by the amount of the deficit. It has not resulted in any "multiplier". Keynesian Economics has failed.