Meet the new boss

I want to work up a really pithy post on the ludicrous insanity going on on capitol hill. I really do. However, I am savagely jet lagged and waiting to get on a red-eye flight back to Boston. Under these conditions, I can’t trust myself to hold together a coherent argument.

I’ll let Paul Krugman do it for me. Please go read this and also this about the Republican Plan to Screw The Poor and Give Their Money To The Rich.

In other news, check out this awesome Latte:

1 comment to Meet the new boss

  • Scott

    Krugman makes valid points about the unemployment rate, housing building, non-defense spending. I haven’t read or fully understand the Medicare point he making, and I don’t feel like making the effort at this hour of the evening, so maybe I’ll look at that tomorrow. But on the first three points, my read of his remarks means that Rep Ryan’s assumptions for his plan are more generous and liberal (I’m using the term “liberal” and “conservative” in the way an economist would, not the political sense — conservative means “less optimistic” in this case) than Krugman thinks they should be. This means that Paul Ryan’s plan doesn’t go far enough to achieve its stated goals, assuming that plan is directionally the correct way to go.

    I’d like to know what Krugman’s suggested budget proposal is, if you have a link to it somewhere. I think I read somewhere that Krugman doesn’t think the debt and deficit matter and are immaterial, which, if true, is a fundamental point I would disagree upon and really precludes further discussion.

    Here, however, is the ludicrous nature of the budget battle that was just fought tonight:

    2011 Projected Spending $ 3,820,000,000,000 100.0%
    Projected 2011 Revenue $ 2,174,000,000,000 56.9%
    Borrowing required to fund 2011 Spending $ 1,650,000,000,000 43.2%
    Spending cuts agreed upon by GOP and Dems $ 38,500,000,000 1.0%

    One article I read today pointed out that the money to be saved ($38 billion) is actually less than Barack Obama’s proposal for funding new high-speed rail projects over the next 6 years ($55 billion). I figure that it doesn’t matter what we do — spending never actually goes down — government always grows (even under Reagan, as has been pointed out many times recently). I figure we’re just screwed. You can’t tax enough to make $15 trillion go away, and this week’s exercise in cutting 1% of spending while still borrowing 42% of every dollar spent shows how un-serious this process is. Poor people and the middle class are f—ed. You can try taxing the rich, but they can just move out of the country and take their toys with them.

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