Not that the electorate will ever be swayed by a NYT op-ed (or any op-ed for that matter), but Paul Krugman is trying one more time to warn voters: DON’T DO IT! DON’T VOTE FOR THE REPUBLICANS!
It’s probably his most over-the-top, alarmist piece yet, and that’s saying something.
The gist is that this is not 1994 all over again. The economy is deflating, and gridlock means serious issues won’t be resolved.
…future historians will probably look back at the 2010 election as a catastrophe for America, one that condemned the nation to years of political chaos and economic weakness.
He notes, convincingly actually, that the GOP is clearly focused on one thing, and that is to take down Obama in 2012, and so there’s absolutely no hope that we’ll get some kind of rejuvenated DC politics, and cooperation. Senator Mitch McConnell is quoted pretty damningly on this front.
And as for economics:
The economy, weighed down by the debt that households ran up during the Bush-era bubble, is in dire straits; deflation, not inflation, is the clear and present danger. And it’s not at all clear that the Fed has the tools to head off this danger. Right now we very much need active policies on the part of the federal government to get us out of our economic trap.
But we won’t get those policies if Republicans control the House. In fact, if they get their way, we’ll get the worst of both worlds: They’ll refuse to do anything to boost the economy now, claiming to be worried about the deficit, while simultaneously increasing long-run deficits with irresponsible tax cuts — cuts they have already announced won’t have to be offset with spending cuts.
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