Liberals trying to increase spending to reduce debt? I really don't know what to say but wow. What idiots.
A Nobel Prize winning idiot, but an idiot nonetheless. Here we have Paul Krugman complaining about the fact that Obama isn't acting liberal enough and isn't doing enough to ruin this country. Krugman's solution it appears is to "SPEND! SPEND! SPEND!" no matter what ails the country and no matter what the obvious and inevitable consequences may be.
And of course liberals like Krugman want to raise taxes to get us out of this mess. Obama wants $1 Trillion in new taxes on top of all the new taxes passed under Obamacare. What happened last time we tried that during a major recession? Hmm. The revenue act of 1932 raised the top marginal tax bracket from 25 to 63% as well as raised the estate tax and corporate taxes. They were then raised further by a myriad of revenue acts throughout the 1930's and early 1940's raising all kinds of taxes throughout FDR's "New Deal" and "2nd New Deal." These included tax hikes on individuals, several corporate tax hikes, surtaxes, and excise taxes on a number of consumer products. Despite this tax revenues did not increase substantially for the entirety of the 1930's.
None of that matters to Keyensians like Krugman, or to most liberals for that matter. They don't even consider that history shows us you can't just raise taxes to increase revenue. Furthermore, they just say "times are different. You can't compare today's economy to the 1930's." It's not a matter of sound economic policy for them, nor is it a matter of looking at the numbers and thinking of rational solutions. No. Liberals (and the Obama Administration) are doing what they always do, engaging in ideological zealotry that fits the definition of "insanity " to a "T."
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