That is the opinion of PAUL KRUGMAN writing in the NY Times.
He says,
Many pundits assert that the U.S. economy has big structural problems that will prevent any quick recovery. All the evidence, however, points to a simple lack of demand, which could and should be cured very quickly through a combination of fiscal and monetary stimulus.
No, the real structural problem is in our political system, which has been warped and paralyzed by the power of a small, wealthy minority. And the key to economic recovery lies in finding a way to get past that minority's malign influence.
Mr. Krugman says The Republicans are controlled by fringe elements.
Now, however, the Republican Party is dominated by doctrines formerly on the political fringe. Friedman called for monetary flexibility; today, much of the G.O.P. is fanatically devoted to the gold standard. N. Gregory Mankiw of Harvard University, a Romney economic adviser, once dismissed those claiming that tax cuts pay for themselves as charlatans and cranks; today, that notion is very close to being official Republican doctrine.
And Mr. Krugman is not a fly by night looney like some of the recent Republicans I have been seeing lately. (Like one named West who stated he thinks almost a hundred Democrats are card carring members of the communist party. Of course by omission he thinks none of his fellow republicans are.) As if that stupid statement was not enough no one in the Republican leadership disagreed with him that I am aware of.
Here are some of Mr.krugman's credentuals per the NY times
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.
Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics.
So you see he is not some one who just happened to write his opinion on the spur of the moment out of frustration. He is from everything I can see what one would call an economic expert. Now I know the saying about experts ( An ex is a has been and a spurt is a drip under pressure.) but given Mr. Krugman's background (He has published over twenty books for example and hundreds of papers.) I think he knows what he is talking about unlike most of todays talking head repub=lick=ans.
Oh and in case that is not enough for you think he knows what he is talking about On October 13, 2008, it was announced that Mr. Krugman would be receiving the Nobel Prize in Economics. So in recent history he joined some pretty rare company of Nobel Prize winners.
He also mentions the work by Mr. Mann and Mr. Ornstein too who I mentioned in an earlier diary. They did a great job of explaning how the emperor has no clothes except the see thru ones provided by their billionaire backers.
As it happens, these doctrines have overwhelmingly failed in practice. For example, conservative goldbugs have been predicting vast inflation and soaring interest rates for three years, and have been wrong every step of the way. But this failure has done nothing to dent their influence on a party that, as Mr. Mann and Mr. Ornstein note, is unpersuaded by conventional understanding of facts, evidence, and science.
I think this NY Times information will help add more fuel to the bonfire that is lighting up the Republican parties true agenda. Destroying the 99.99% so the .01% have even more wealth. Sorry to rain on Republican smoke and mirriors politics but I would sure be glad to help man the firehose that weeps them out of office.
My vote counts too!!!