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.What do Romney’s policies and the current policies of Ireland have in common? Ireland has:
"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."
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: