April 28, 2011

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Everything’s OK with Economy, Go Back to Sleep It appears economist Paul Krugman thinks the budget and the economy are not in that bad of shape because he thinks the dire warnings are overdone. In his latest Op-Ed piece this week, he said, “When I listen to current discussions of the federal budget, the message I hear sounds like this: We’re in crisis! We must take drastic action immediately! And we must keep taxes low, if not actually cut them further! You have to wonder: If things are that serious, shouldn’t we be raising taxes, not cutting them?” (Click here for the complete Op-Ed post from the New York Times.) Yes, that’s right, Mr. Krugman wants to raise taxes just as inflation in food and gasoline are heating up. It is hard to understand why a Nobel Prize winner in economics wants to raise taxes in the middle of the worst economy since the Great Depression. He doesn’t just want to raise taxes on the wealthy, but on the middle class as well. He goes on to say the plan he backs, “. . . also calls for a rise in the Social Security cap, significantly raising taxes on around 6 percent of workers. And, by rescinding many of the Bush tax cuts, not just those affecting top incomes, it would modestly raise taxes even on middle-income families. . . .And the proposal achieves this without dismantling the legacy of the New Deal, which gave us Social Security, and the Great Society, which gave us Medicare and Medicaid.” So, in Krugman’s eyes, we should continue going broke over the funding of Medicare and Medicaid?

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I'm a watchman for Christ, looking on the horizon in expectation for the fulfillment of God's Word.

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