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View Diary: Abbreviated Pundit Roundup: The Republican push for austerity (59 comments)

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  •  Austerians = people who believe (2+ / 0-)
    Recommended by:
    lcbo, Rick B

    that economic austerity leads to economic expansion.  Krugman's article is an effort to prove the fallacy of this argument by relating what the imposition of austerity measures has done - and continues to do - to the economies of Europe and the UK, and what it would do if implemented, as the Republicans plan to do, in the US.

    Krugman has been sounding the alarm about this in his blog since the Republicans began insisting on deficit reduction as the way out of our economic problems.  He used his blog to attempt to re-educate Obama when the president showed signs of agreeing that the deficit was a huge problem, and he went absolutely ballistic on the Ryan budget (and Ryan himself), when the Ryan budget was rolled out in the House.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Fri Apr 27, 2012 at 06:06:05 AM PDT

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    •  I have been following Krugman's discussion (2+ / 0-)
      Recommended by:
      joe wobblie, SueDe

      but I was wondering if there was a combined play on words here. Both austerity and Austrian Economics resemble Krugman's "Austerian."

      The Austrian school does not believe that economic models are effective or that statistics is of any value in economics. Followers of that school have been important in arguing against the Keynesian economic model.

      They are also often found arguing for laissez-faire economics. Retired Senator Phil Gramm wrote his Ph.D. Dissertation based on the Austrian School economics so it was short (79 pages) and had no statistics in it. Gramm, you will remember, was the chair of the Senate Banking Committee and wrote the law ending Glass-Stegall. His wife was on the board of Enron, and last heard Gramm was a vice President of the Swiss Bank UBS.

      I can't help but think that Krugman's term "Austerians" includes some connection to the discredited Hayek/Von Mises Libertarianism.

      Democrats stand for Liberty, Security, Support of Families and Opportunity Whiskey Tango Foxtrot - over

      by Rick B on Fri Apr 27, 2012 at 11:29:59 AM PDT

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      •  Krugman is very clever. (2+ / 0-)
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        Rick B, joe wobblie

        I wouldn't be a bit surprised if you were right.

        "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

        by SueDe on Fri Apr 27, 2012 at 09:37:24 PM PDT

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