Someone brought this to our attention via e-mail. It seems that one of my least favorite syndicated columnists, Paul Krugman, had a few words to say about my least favorite current governor.
Mr. Krugman, you’ll recall, won the Nobel Prize for economics this year. My beef with him is that he doesn’t stick to economics, and his political commentary reads like something written by a member of the College Democrats, it’s so sophomorically partisan. But note that in THIS case, he is talking about what he knows — economics. (Now watch — Lee will ‘splain to us that he’s the economics expert, and the guy who just won the Nobel for it doesn’t know squat.)
This is from the MSNBC program "1600 Pennsylvania Avenue" on Tuesday:
GREGORY: To this point, Paul, this is Governor Mark Sanford in the course of the meeting today from South Carolina, taking on this idea of the efficacy of a stimulus package. Listen to him.
(BEGIN VIDEO CLIP)
GOV. MARK SANFORD (R), SOUTH CAROLINA: We’ve been told for a long number of months that this stimulus, that stimulus, this stimulus, that stimulus would opportunity the economy around, and it hasn’t. The ultimate stimulus package for the United States of America is the entrepreneur with a dream working on the project of tomorrow. The ultimate stimulus package is, again, that market-based economy, rather than a political economy wherein people come as simple plaintiffs to Washington, D.C., for yet more money.
(END VIDEO CLIP)
GREGORY: Paul, reaction to that?
KRUGMAN: You know, that’s catastrophic. If that become the way the decisions are made, that’s real know-nothing economics. That’s just saying, oh, you know, we’re going to-the reason that this market-based-total faith in the free market didn’t work is that we didn’t do it enough. We have a lot of experience here. We have the 1930s. We have Japan in the ’90s. And we do know that government spending helps when you’re in a big problem-when you’re in a deep slump of this kind. It’s, in fact, about the only thing we have to keep us from being in something that would look more like the Great Depression than we want to contemplate. This is a time that the private sector is pulling back. The private sector is pulling back because consumers are nervous, because the financial system is a mess. There’s a huge hole in the economy. Government has to fill it, or we’re going to look at double-digit unemployment.