There’s a long interview with Paul Krugman in the new Playboy, and it’s excellent.We tend to write a lot about his economic commentary here, but he probably doesn’t get enough credit for his commentary on politics, and his assessment of how things will play out.
Go back and read this column, from March 2009, and you’ll see that he basically called things correctly, that the stimulus would be too small, and that the GOP would be emboldened and gain success arguing that the problem was that we had stimulus at all.
Anyway, one thing that’s really evident is the depth of his disappointment in the Obama administration.
PLAYBOY: When did he start going wrong as president?
KRUGMAN: His inaugural speech was not the speech of somebody who understood that these aren’t our usual problems. It was not the speech of somebody who understood we were in a replay of the early years of the Great Depression.
And from an earlier part of the interview…
KRUGMAN: I’d say there was certainly a lack of conviction. Obama’s inaugural speech in 2009 did have a bit of Keynesian rhetoric, but then he also said we all have to be prepared to make sacrifices. A lot of people ridiculed [then House minority leader John] Boehner for saying that if people have to tighten their belts, the government should tighten its belt too. And it was right to ridicule, because that’s completely wrong in this kind of downturn.
At least as Krugman sees it, the times called for a major boost in spending and so on, and Obama never had any intention to deliver.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.