In Which I Explain Fiscal Economics to Paul Krugman

Chris Kleponis/CNP via ZUMA

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

Paul Krugman has a couple of questions for his fellow economists:

As usual, Krugman doesn’t understand. Right-wing economists were calling for hard money in 2010 because the president was an obviously inexperienced Democrat likely to run the economy off the rails with his Democratic big-spending ways and tolerance for huge deficits. That was a totally reasonable position regardless of how deep our recession was.

Today, by contrast, the economy is in the hands of a Republican with 40 years of business experience who has shown himself to be a master of financial markets. And sure enough, he’s opposed to more spending except for defense and the wall and welfare for farmers affected by his trade war with China. Also, he cut taxes on corporations, which shows a real understanding of the fundamentals of the econonmy, and he tweets frequently about the dangerous deficits caused by the tax cut. This ability to keep multiple conflicting thoughts in his brain at once is the mark of a man with a Wharton degree and a sophisticated understanding of economics who can be trusted not do the right thing and should be given plenty of rope to do it.

Everything good now? Do we all understand why Obama needed to be reined in as a dangerously profligate Democrat while Trump can be given plenty of leeway because he’s a tightfisted Republican who won’t abuse his authority? Excellent.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate