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Tax cuts "ineffective at job creation"- Nobel Prize Winner Paul Krugman

Gabriel

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O'reilly shows himself to be just as stupid and ignorant as he really is in this clip.


http://en.wikipedia.org/wiki/Paul_Krugman

Paul Robin Krugman (pronounced /ˈkruːɡmən/;[3] born February 28, 1953) is an American economist, columnist and author. He is Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times.[4][5] In 2008, Krugman won the Nobel Memorial Prize in Economics for his contributions to New Trade Theory and New Economic Geography. He was voted sixth in a 2005 global poll of the world's top 100 intellectuals by Prospect.[6]

According to the Nobel Prize Committee, the prize was given for Krugman's work explaining the patterns of international trade and the geographic concentration of wealth, by examining the impact of economies of scale and of consumer preferences for diverse goods and services.[7] Krugman is known in academia for his work on international economics (including trade theory, economic geography, and international finance),[8][9] liquidity traps and currency crises. According to IDEAS/REPEC (a ranking of Economists by article citations), his work has made him one of the most influential economists in the world, and he is among the 12 most widely cited economists.[10]

As of 2008, Krugman has written 20 books and has published over 200 scholarly articles in professional journals and edited volumes.[11] He has also written more than 750 columns dealing with current economic and political issues for The New York Times. Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard college textbook on international economics. He also writes on political and economic topics for the general public, as well as on topics ranging from income distribution to international economics. Krugman considers himself a liberal, calling one of his books and his New York Times blog "The Conscience of a Liberal".[12]
 

mpg

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A liberal made a liberal comment? STOP THE PRESSES!!!!
 

Grim17

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Paul Krugman is nothing more than a political hack. Every single word out of that mans mouth is based on politics, not actual economic reality.
 

Gabriel

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A liberal made a liberal comment? STOP THE PRESSES!!!!

Cough* Krugman argued for regulation of the financial markets back in 2005..

U.S. economic policies
In the early 2000s, Krugman repeatedly criticized the Bush tax cuts, both before and after they were enacted. Krugman argued that the tax cuts enlarged the budget deficit without improving the economy, and that they enriched the wealthy – worsening income distribution in the US.[73][98][99][100][101] Krugman advocated lower interest rates (to promote spending on housing and other durable goods), and increased government spending on infrastructure, military, and unemployment benefits, arguing that these policies would have a larger stimulus effect, and unlike permanent tax cuts, would only temporarily increase the budget deficit.[101]

In August 2005, after Alan Greenspan expressed concern over housing markets, Krugman criticized Greenspan's earlier reluctance to regulate the mortgage and related financial markets, arguing that "[he's] like a man who suggests leaving the barn door ajar, and then – after the horse is gone – delivers a lecture on the importance of keeping your animals properly locked up."[102]

Krugman has repeatedly expressed his view that Greenspan and Phil Gramm are the two individuals most responsible for causing the subprime crisis. Krugman points to Greenspan and Gramm for the key roles they played in keeping derivatives, financial markets, and investment banks unregulated, and to the Gramm-Leach-Bliley Act, which repealed Great Depression era safeguards that prevented commercial banks, investment banks and insurance companies from merging.[103][104][105][106]
Paul Krugman - Wikipedia, the free encyclopedia

If they had listened to him in 2005 America wouldn't be in the dumpster it is in.
 

Gabriel

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Paul Krugman is nothing more than a political hack. Every single word out of that mans mouth is based on politics, not actual economic reality.
If you say so.......

 

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Paul Krugman is nothing more than a political hack. Every single word out of that mans mouth is based on politics, not actual economic reality.
Other than he is right.. but hey dont let the facts get in your way.
 

Gabriel

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Other than he is right.. but hey dont let the facts get in your way.
Suppose if he was Austrian School economist they would appreciate what he says more?
 

PeteEU

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Suppose if he was Austrian School economist they would appreciate what he says more?
/shrug, if they knew how to look at facts, then it would be obvious. But when some people only look at the facts that they agree with, well..
 

PeteEU

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Too bad history doesn't agree with you, or comrade Krugman.
LOL lame argument. Name one time tax cuts in general created massive amounts of jobs, let alone tax cuts primarily for the rich?
 
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The Dane

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Too bad history doesn't agree with you, or comrade Krugman.
Paul Krugman predicted the recession would happen based on a faulty mortgages. He was absolutely right...
 

PeteEU

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Paul Krugman predicted the recession would happen based on a faulty mortgages. He was absolutely right...
Lots of people predicted it, but very few believed them and most were ridiculed.
 

TurtleDude

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A liberal made a liberal comment? STOP THE PRESSES!!!!
Krugman is a major advocate of socialist government spending. Does he base this on an honest belief or due to his agenda? Obama got a Nobel prize too. BFD. Krugman is a turd and is honest as Hillary is pretty
 

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To all the people here claiming Krugman as some great visionary on economics is bordering on pathetic. Krugman is a liberal, yes, we get that, but he's been WRONG far more than he has been right. I bring that up, merely because economics isn't a science; it follows no logic that i'm aware of, and math and statistics don't seem to assist in making predictions. In short, economics is a psuedo-science, and anyone claiming to be an expert in it, is an expert in ambiguity.

That said, Friedman would make Krugman look like a midget in a sumo ring. :)


Tim-
 

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LOL lame argument. Name one-time tax cuts in general created massive amounts of jobs, let alone tax cuts primarily for the rich?
Most logic models flow from point (A) to (B) to (C) and so on, until eventually coming up with the sum conclusion. Your question is framed in a way that is impossible to show proof; certainly not proof you would accept; and perhaps rightly so. One probably could take some time, and show correlation of why tax cuts (Depending on size, and SO MANY other variables) provide growth in jobs, and consumer spending, but it would take a very long time. Time of which is way more valuable than posting on some message board. History can show us the correlation very easily, but the one viewing the history would need to be an objective, critical thinker, unencumbered by political rhetoric, and honest in their evaluations.


Tim-
 

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Extension of Unemployment Benefits: Economists Weigh In - The Daily Beast

As the Senate appears ready to finally pass an extension of unemployment benefits, two dozen more economists, including two Nobel Prize winners, have joined the call for action now, swelling the total of economic thought leaders to 40.

Yesterday morning, 16 notable economists, historians and thought leaders, including Joseph Stiglitz, Alan Blinder, Robert Reich, Richard Parker, Derek Shearer, Laura Tyson, and Sir Harold Evans issued a manifesto calling for more government stimulus and tax credits to save the economy and put America back to work.

By yesterday afternoon, two dozen more leading economists, including Nobel winners Eric Maskin and Daniel McFadden, had signed on, bringing the total to 40. Several of them went further, appending statements about why they thought this was so crucial to our collective future.
 

Hicup

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Let me ask the people here soemthing. What do you suppose would have happened if the banks, AIG, Lehman, GM, et al.. Would have all been allowed to fail, and instead the TARP/stimulus money was used to keep, We The People afloat? Now, I'm not advocating this, but it would help to see the level of interest people making comment on economic issues here have actually thought of the alternative? remember, with the stimulus, and TARP, we're talking well over 1.5 trillion. That's an awful lot of unemployment insurance.. :)


Tim-
 

The Dane

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Let me ask the people here soemthing. What do you suppose would have happened if the banks, AIG, Lehman, GM, et al.. Would have all been allowed to fail, and instead the TARP/stimulus money was used to keep, We The People afloat? Now, I'm not advocating this, but it would help to see the level of interest people making comment on economic issues here have actually thought of the alternative? remember, with the stimulus, and TARP, we're talking well over 1.5 trillion. That's an awful lot of unemployment insurance.. :)


Tim-
Dude you just blew off the entire science of economics to support your argument. Nobody can take you seriously.
 

Gabriel

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Let me ask the people here soemthing. What do you suppose would have happened if the banks, AIG, Lehman, GM, et al.. Would have all been allowed to fail, and instead the TARP/stimulus money was used to keep, We The People afloat? Now, I'm not advocating this, but it would help to see the level of interest people making comment on economic issues here have actually thought of the alternative? remember, with the stimulus, and TARP, we're talking well over 1.5 trillion. That's an awful lot of unemployment insurance.. :)


Tim-
Take it up with the finance industry .. you know try to regulate them and stuff like that. Try to rein in the market while the dominate people in the market engage in "voodo economics" in a fundamentalist way. TARP was a republican emergency plan from 2008.
 

Hicup

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Take it up with the finance industry .. you know try to regulate them and stuff like that. Try to rein in the market while the dominate people in the market engage in "voodo economics" in a fundamentalist way. TARP was a republican emergency plan from 2008.
Republican does not equate to conservative. TARP was a congressional plan from 2008. Just wanted to correct you there. :)


Tim-
 

Gabriel

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Republican does not equate to conservative. TARP was a congressional plan from 2008. Just wanted to correct you there. :)


Tim-
Oh so who do conservatives vote for?
 

TurtleDude

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LOL lame argument. Name one time tax cuts in general created massive amounts of jobs, let alone tax cuts primarily for the rich?
since most of the taxes being cut are paid by the rich doesn't it flow that tax cuts primarily affect the rich?

tax cuts help those of us who are soaked to have our wealth taken to buy the votes of the parasite class
 
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