Skip to main content

What would the U.S. look like if Romney is elected President? Nobel Prize winning economist Paul Krugman says the current state of Ireland.

If Mitt Romney is elected president, the U.S. will experience an economic disaster the likes of which have been recently seen in Ireland, according to Paul Krugman.

"Ireland is Romney economics in practice," the Nobel-Prize winning economist andNew York Times columnist said on the Colbert Report on Monday. "I think Ireland is America's future if Romney is president."

What do Romney’s policies and the current policies of Ireland have in common? Ireland has:
laid off a large fraction of their public workforce, they've slashed spending, they've had extreme austerity programs, they haven't really raised taxes on corporations or the rich at all, they have 14 percent unemployment, 30 percent youth unemployment, zero economic growth," Krugman said.
Now let’s look at Romney’s proposed policies:
“I actually have to say, as best we understand, the Romney prescription is fire lots of public employees and have low tax rates on corporations. Well, you’re describing Ireland, which has 14 percent unemployment and 30 percent youth unemployment.”
Romney is on record for suggesting that public employees should be layed off. Once more more HuffPost
Romney, the likely Republican nominee for president, recently suggested that the government should lay off more firemen, policemen, and teachers, according to CNN.Romney's campaign website says that if elected president, Romney would aim to slash federal spending at least 18 percent by the end of his first term.
Watch Krugman’s interview with Colbert here:

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Erin go Blah. :P (5+ / 0-)

    Now if he could make downtown New York look like downtown Dublin that would be another thing entirely. Sadly, he's trying to emulate not just the current Ireland but I don't think Romney would truly be happy until someone had to write a new "Modest Proposal" for taking care of the middle class and poor in this country.

    All my sig lines are hand-crafted by demented elves living in my skull.

    by ontheleftcoast on Tue Jun 19, 2012 at 07:55:16 PM PDT

  •  but of course (3+ / 0-)
    Recommended by:
    Shawn Russell, ontheleftcoast, JanL

    he would just double down on Bush economic policy.

    That is why he election would be a disaster.

    "The only person sure of himself is the man who wishes to leave things as they are, and he dreams of an impossibility" -George M. Wrong.

    by statsone on Tue Jun 19, 2012 at 07:56:45 PM PDT

    •  I guess that is twice as bad as what we currently (2+ / 0-)
      Recommended by:
      Shawn Russell, Owlet

      have, a continuation of Bush's policies.

      •  A continuation of Bush's policies? (5+ / 0-)
        Recommended by:
        peptabysmal, mookins, Sue B, JanL, retLT

        That's not really fair when both houses of congress are controlled by Republicans.  Even with the Democratic majority in the Senate, Republicans have been using the Filibuster rule on nearly every bill that has a tinge of liberal in it.

        Congress can't repeal any of Bush's policies with the current congress.  It's literally impossible.

        So yes, there is a continuation of Bush's policies, but it's not from a lack of trying from Democrats.

        What would you suggest?

        •  In all fairness, CentralMass did not specifically (1+ / 0-)
          Recommended by:

          say that Dems are the ones perpetuating Bush's polices. His/Her quote was that we have a continuation of Bush's policies.

          You agree and that's why you concurred saying yes. So I personally believe it's a fair assessment.

        •  It fair when the democrats, including a Senator (2+ / 0-)
          Recommended by:
          Owlet, Roadbed Guy

          name Obama passed Bush's TARP, and when  President Obama lobbied his lame duck democratically controlled congress to extend the expiring Bush tax cuts in 2010.

          •  Being forced to make a choice between TARP and (1+ / 0-)
            Recommended by:

            complete and utter financial catastrophe isn't really a choice.

            Being forced to extend the Bush tax cuts in exchange for extending unemployment for millions of Americans who lost their jobs due to 7 years of grotesque and unregulated spending by Republicans, isn't a real choice either.

            7 years of Republicans spending trillions of dollars without regard for the consequences, 7 years of reduced capital gains tax on 2nd homes without regard for the consequences, 7 years of Bush's tax cuts for the wealthy without regard for the consequences, combine that with 7 years of spending a trillion dollars on war and there is no way America could not have appeared to be doing great.

            But when the 8 years of Republican control was over, they stopped playing their games, they stopped spending money, they stopped trying to ward off the inevitable collapse.  Instead they handed over a complete financial disaster to Obama and the Democrats.  It was a disaster of such magnitude, that the Democrat's first two years in office was fending off the worst case scenario.  Democrats were forced into assessing the damage, triaging the multitude of disasters Republicans had caused, countering the worst of the damage (many times being forced into choices that are counter to the Democrat philosophy in order to save what can be saved), utilizing the culprits of the disaster to help prevent complete catastrophe, and compromising with the criminals to get help from the criminals.

            There is much more going on then most people realize.  And most of it is not good at all.

            •  I seem to recall (1+ / 0-)
              Recommended by:

              that the Democrats first two years in office were spent crafting a mediocre health plan that may yet go down, not in "fending off the worst case scenario."  

              We still have a banking sector that, for all practical purposes, does what it pleases.  The disaster you describe, the worst case scenario, is still there, waiting in the wings, as nothing of substance has changed in the world of Jamie Dimon and Lloyd Blankfein.

              I'll vote for Obama and the Democrats, not because I think they'll make things better, but because the Romneyites will make things worse.  

          •  The New Yorker agrees with you! (1+ / 0-)
            Recommended by:
            It (ObamaCare) was not an isolated case. In 2007, both Newt Gingrich and John McCain wanted a cap-and-trade program in order to reduce carbon emissions. Today, neither they nor any other leading Republicans support cap-and-trade. In 2008, the Bush Administration proposed, pushed, and signed the Economic Stimulus Act, a deficit-financed tax cut designed to boost the flagging economy. Today, few Republicans admit that a deficit-financed stimulus can work. Indeed, with the exception of raising taxes on the rich, virtually every major policy currently associated with the Obama Administration was, within the past decade, a Republican idea in good standing.
            Read more
    •  He's probably well versed in the "Double Irish" (3+ / 0-)
      Recommended by:
      Shawn Russell, devtob, wsexson
      The Double Irish arrangement is a tax avoidance strategy that U.S. based multinational corporations use to lower their corporate tax liability. The idea is to use payments between related entities in a corporate structure to shift income from a higher-tax country to a lower-tax country. It relies on the fact that Irish tax law does not include U.S. transfer pricing rules.

      All my sig lines are hand-crafted by demented elves living in my skull.

      by ontheleftcoast on Tue Jun 19, 2012 at 08:20:10 PM PDT

      [ Parent ]

      •  Also known as the "Double Dutch" (3+ / 0-)

        I've sat through seminars by Deloitte on tax avoidance. There's the Double Dutch - as well as Swiss avoidance.

        Dutch corp taxes, in theory are 25%, and Swiss taxes vary by canton from 13-19% if memory serves with 15% being a median.

        However, US corp tax rates area already pretty low in practice -  19-20% unless you're in a growth industry or a virtual industry in which case the corp is nearly tax free.

        Pretty disgusting.

  •  It will be worse, because Ireland doesn't have (8+ / 0-)

    the defense budget Romney wants to explode.

    "Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity." --M. L. King "You can't fix stupid" --Ron White -6.00, -5.18

    by zenbassoon on Tue Jun 19, 2012 at 08:18:45 PM PDT

  •  Yay! Pubs & rolling hills & clovers (3+ / 0-)
    Recommended by:
    devtob, MGross, Roadbed Guy

    and leprechauns and pots of gold and Dublin!  Yay!

  •  All green and no snakes? (1+ / 0-)
    Recommended by:

    As long as we get Dolores O'Riordan...

    "First they ignore you, then they laugh at you, then they fight you, then you win". Mohandas K. Gandhi

    by DaveinBremerton on Tue Jun 19, 2012 at 08:45:49 PM PDT

  •  We'll Build Castles Let Oliver Cromwell Burn Them (3+ / 0-)
    Recommended by:
    harrije, Shawn Russell, Saint Jimmy

    That's a jobs program

    There’s always free cheddar in a mousetrap, baby

    by bernardpliers on Tue Jun 19, 2012 at 09:42:46 PM PDT

    •  But that would be Keynsian (1+ / 0-)
      Recommended by:
      Shawn Russell

      And the Republicans are very anti-Keynes, because he was inconveniently right in a way that shatters their deeply held ideological beliefs.

      (Keynes suggested -- not seriously -- building pyramids, not castles, but close enough. The point is, you make a bunch of new jobs and put paychecks into the hands of the unemployed. Those paychecks get spent on things, businesses get too busy for their current staffs and hire more people, and before you know it they've actually hired away all your pyramid builders leaving you with unfinished trapezoidal prisms. But the point is not the pyramids, it's the paychecks. You do get more bang for your buck in the long run if you build federal interstate highways or high-speed commuter rail, though.)

      sin and love and fear are just sounds that people who never sinned nor loved nor feared have for what they never had and cannot have until they forget the words

      by harrije on Tue Jun 19, 2012 at 11:00:55 PM PDT

      [ Parent ]

  •  Our Craven Corporate Media: crickets. (0+ / 0-)
  •  Shawn, the last time you wrote... (2+ / 0-)

    a diary concerning Paul Krugman, I behaved like an idiot by adding my snarky 2 cents.

    I'd like to take a second to apologize to you. And no, I'm not going to say the familiar and tired, "if I offended anyone, I'm sorry." My purpose was to offend, of course, or, if not offend, at least annoy.

    For that, I am sorry. I behaved immaturely, and my comment distracted from your perfectly fine diary.

    How about I believe in the unlucky ones?

    by BenderRodriguez on Wed Jun 20, 2012 at 04:03:57 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site