Archive for Paul Krugman

Tuesday Links



Egypt's Sisi vows Muslim Brotherhood 'will not exist'

Boom: Republican Colonel Blasts Republicans For Focusing on Benghazi Over Cheney's War Crimes

New ‘Openly Secular’ group seeks to combat anti-atheist discrimination

Mississippi Chefs to Protest State Law (the discriminatory 'Religious Freedom Restoration Act') on the Eve of Annual Picnic.

A Simple Chart To Share With Anyone Who Complains About People On Welfare

Video: Discussion between Bill Moyers and Paul Krugman: What the 1% Don't Want You to Know


Saturday Links


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WLOX Mississippi TV Anchor Dave Elliot Calls for LGBT Community to Take a ‘Gaycation’

Democrats Deliver in Connecticut as State Raises Minimum Wage to $10.10 an Hour

Dear Media: This Is What People Who Use Marijuana Look Like

Nate Silver Launches Bitter Attack on Paul Krugman

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FiveThirtyEight Apologizes On Behalf Of Controversial Climate Science Writer


Krugman, take a victory lap: University Grad Student Debunks Major Austerity Theory by Exposing Flawed Stats


krugman victory lap

Speaking of how austerity is “having a devastating effect on health in Europe and North America, driving suicide,” here is your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

It's about time Paul Krugman took a victory lap – and he does in his Monday New York Times column:

...People like me predicted right from the start that large budget deficits would have little effect on interest rates, that large-scale “money printing” by the Fed (not a good description of actual Fed policy, but never mind) wouldn’t be inflationary, that austerity policies would lead to terrible economic downturns. The other side jeered, insisting that interest rates would skyrocket and that austerity would actually lead to economic expansion. Ask bond traders, or the suffering populations of Spain, Portugal and so on, how it actually turned out. [...]

Some... see the crisis as an opportunity to dismantle the social safety net. And just about everyone in the policy elite takes cues from a wealthy minority that isn’t actually feeling much pain. [...]

[A] Univeristy of Massachusetts graduate economic student... discovered major statistical errors in the primary research paper (authored by Carmen Reinhart and Kenneth Rogoff) used by advocates to justify austerity measures. [...]

Herndon proved that their database and coding was so statistically flawed as to offer little basis for justifying national austerity measures as a viable economic option.

In an April 19 column, Krugman discusses the torpedoing of the academic austerity touchstone:

... Reinhart-Rogoff ... tipping-point claim was treated not as a disputed hypothesis but as unquestioned fact. [...]

[S]ome correlation between high debt and slow growth, with no indication of which is causing which, but no sign at all of that 90 percent “threshold.” [...]

What the Reinhart-Rogoff affair shows is the extent to which austerity has been sold on false pretenses. For three years, the turn to austerity has been presented not as a choice but as a necessity. ... But “economic research” showed no such thing... Policy makers abandoned the unemployed and turned to austerity because they wanted to, not because they had to.

It took a university grad student to reveal research that powered the likes of Americans for Prosperity, ALEC, the Club for Economic Growth and most of the politicians in DC – when it comes to being cheerleaders for austerity – as highly flawed.

(You can read the University of Massachusetts study that finds the "austerity bible" coding errors here. It was co-authored by Mass U Professors Michael Ash and Robert Pollin.)

Please read the entire post here.


VIDEO-- Paul Krugman: "There's a little bit of pig in all of us. I speak from personal experience."


that's all folks

As I mentioned here, enough about President Obama’s “controversial comments” on Kamala Harris. He and she are friends, he made a quip in that context, and started out by saying how brilliant, dedicated and tough she is. Yes, it was bound to raise many an eyebrow, but it also didn’t deserve all the attention and air time it's been getting.

Here is Paul Krugman on "This Week with George Stephanopoulos." There's a 4-second lag at the beginning of the video due to my continued ineptitude at grabbing segments.

George Will:

We've always from time immemorial had that guy at the end of the bar nursing his third beer and venting his opinions. Now they do it, thanks to progress, on the Internet. And it creates this echo chamber.

George Stephanopoulos:

You were the victim of a lot of free speech on the internet.

Paul Krugman:

... It was dumb. And it's right to slap him for it. But you know, there's a little bit of pig in all of us. I speak from personal experience. So there we are.

So there we are. Oink.

Did I mention how glad I was that Paul Krugman appears on these shows?

Here is the entire Roundtable segment: