Krugman - Defining Prosperity Down - says "governing elite just doesn't care"

[Phoebe Loosinhouse]

http://www.nytimes.com/2010/08/02/opinion/02krugman.html?_r=3

Op-Ed Columnist
Defining Prosperity Down
By PAUL KRUGMAN
Published: August 1, 2010

I’m starting to have a sick feeling about prospects for American workers — but not, or not entirely, for the reasons you might think.


Yes, growth is slowing, and the odds are that unemployment will rise, not fall, in the months ahead. That’s bad. But what’s worse is the growing evidence that our governing elite just doesn’t care — that a once-unthinkable level of economic distress is in the process of becoming the new normal.

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What lies down this path? Here’s what I consider all too likely: Two years from now unemployment will still be extremely high, quite possibly higher than it is now. But instead of taking responsibility for fixing the situation, politicians and Fed officials alike will declare that high unemployment is structural, beyond their control. And as I said, over time these excuses may turn into a self-fulfilling prophecy, as the long-term unemployed lose their skills and their connections with the work force, and become unemployable.

I’d like to imagine that public outrage will prevent this outcome. But while Americans are indeed angry, their anger is unfocused. And so I worry that our governing elite, which just isn’t all that into the unemployed, will allow the jobs slump to go on and on and on.

The governing elite have a whole different agenda on their plate and it involves facilitating more of the wealth transfer to private hands.

The governing elite are a lot more pre-occupied with their phony deficit war and whittling away at the social saftety nets and building whole Potemkin Villages of fake reform - facades with no substance.

But carry on everyone. Krugman does not have a clue what he's talking about.

[Raven]

1. If this country accepts the fact of a "Governing Elite" we have

lost America and everything it was meant to be.

[Jim Sagle]

2. The Krugster seems to be writing himself out of Versaille.

His mug was inside with the neolibs and his wump was out here with us. He seems ready to jump off the fence.

[frebrd]

3. Whoever thought they did care? eom

[upi402]

4. it really IS class warfare

and the media isn't liberal. But we're easy to fool in the dumbed-down and distracted America.

[Spitzbub]

5. Beautiful salon.com comments take-down re Krugman

Lying is like breathing to these nutbags anymore. Guess they haven't quite figured out the Googler.


"so mr krugman"

"its coming up on a year since you said the recession would be over. don't you think you should give back your nobel?"

that would have been a good opener for the first show

—lester1/2jr


Sunday, August 1, 2010 02:02 PM ET
@lester1/2j

Mr. Krugman said that the stimulus was not big enough. Back when it was being passed. He is not surprised at all of the conditions today. He also has been more worried about deflation than inflation. So far, his side is right, but inflation is just around the next corner. But if not the next corner, the one after that. Did I say the one after the next corner? I meant the one after that. Oh, wait, it is a couple more after that.

He has been right. He was right about the housing bubble.

Here are Brad DeLong's Krugman rules:

Rule #1. Paul Krugman is always right. Rule #2. If you think Paul Krugman is wrong, see Rule #1

As for you, you should not go on the internet and make up facts. You will get caught every time.

—soixante60

[Greyhound]

6. We've been undergoing the conversion for a long time. Most people don't

even question the flavor of kool-aide anymore.
:kick: & R

[xchrom]

7. Recommend

[Phoebe Loosinhouse]

8. kick! He's on to something. Ignore at your peril.