In other words: A discussion of The Bush Administration
Companion piece to Michael's Wile E. Coyoooooooooote post below
Krugman: Economic Crisis a Question of When, Not IfNEW YORK (Reuters) - The economic policies of President Bush have set the country on a dangerous course that will likely end in crisis, Princeton economics professor Paul Krugman told Reuters in an interview.I'm really getting scared... TCS keeps referring to Argentina, which while even the CIA admits makes great pizza (yep, way down there - and yes it is a private joke), is not a great success story of fiscal and political management.
Krugman, who may be best known for his opinion column in The New York Times, said he was concerned that Bush's electoral victory over Sen. John Kerry earlier this month would only reinforce the administration's unwillingness to listen to dissenting opinions.
...
The most immediate worry for Krugman is that Bush will simultaneously push through more tax cuts and try to privatize social security, ignoring a chorus of economic thinkers who caution against such measures.
"If you go back and you look at the sources of the blow-up of Argentine debt during the 1990s, one little-appreciated thing is that social security privatization was a important source of that expansion of debt," said Krugman.
In 2001, Argentina finally defaulted on an estimated $100 billion in debt, the largest such event in modern economic history.
BANANA REPUBLIC?
"So if you ask the question do we look like Argentina, the answer is a whole lot more than anyone is quite willing to admit at this point. We've become a banana republic."
- rob 3:35 PM - [PermaLink] -
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more coming...
