Reading Krugman’s blog is always a challenge because he is so belligerent and conceited, but lately the experience has been… plain scary.
Here is what he says about the stimulus package:
“According to the CBO’s estimates, we’re facing an output shortfall of almost 14% of GDP over the next two years, or around $2 trillion. Others, such as Goldman Sachs, are even more pessimistic. So the original $800 billion plan was too small, especially because a substantial share consisted of tax cuts that probably would have added little to demand. The plan should have been at least 50% larger.”
That’s right folks. Mr. Golden boy wants (at least!) a 1.2 trillion stimulus package, and whoever disagrees with that is simply ‘irresponsible’.
Want to hear something much, much scarier? See what Paulie says about Stan Collender’s ‘optimism’:
“Stan Collender offers the most cheerful assessment I’ve seen for a while — not about the economy, or about the disappointing stimulus plan, but about Obama’s prospects for getting more on a second round. Collender says that in the months ahead there will be several opportunities to introduce new spending in a way that isn’t subject to a filibuster.”
Good times! Spending without any form of check and balance! Long live King Obama!
I guess now we really know what the “conscience of a Liberal” actually means.