CNBC’s Becky Quick just wrote a piece for Fortune titled A Call For Frank Talk About Our Debt From Bill Clinton (And Me).But more than anything, the piece is an attack on Nobel prize winning economist Paul Krugman.
“It’s bad enough that we can’t have a serious conversation about any of our nation’s problems during the election season,” she writes. “Now folks like Paul Krugman are trying to ensure that we can’t have one after the election either.”
Quick takes the side of deficit hawks who warn that the U.S. government will eventually be crushed by its debt.
“The interest payments on all that debt are a potential tsunami of their own,” she writes. “We’re spending $258 billion a year on interest payments for our massive debt.”
Krugman, and many other experts, argue that when the economy is in decline, the government needs to step up spending until activity picks up.
Earlier this week at a talk sponsored by the Institute for New Economic Thinking, Krugman and Nobel laureate Joseph Stiglitz argued that spending is particularly crucial for economies coming out of a crisis, because if government’s do cut, they risk sending their countries into depression.
Quick’s anger and frustration hits a crescendo when she says: “The only problem with Krugman’s critique? It is hard to find anyone who actually agrees with him.”
That’s hard to believe.
Read her whole piece at Fortune.com.
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