Friday, January 28, 2011
Paul Krugman answers the lies of Paul Ryan
And along the way shows that the only way to properly learn a lesson is to have a good teacher. Paul Ryan the current bright light (25W) of Republican/Teabagger fiscal policy spouted some major league lies in his "response" to the SOTU. It is obvious from these lies that he was more concerned with pushing the talking points than speaking truth.
Well, contrary to what Mr. Ryan seemed to imply, Britain has not, in fact, suffered a debt crisis. True, David Cameron, who became prime minister last May, has made a sharp turn toward fiscal austerity. But that was a choice, not a response to market pressure.The concept of Paul Ryan as "as an intellectual leader within the G.O.P., with special expertise on matters of debt and deficits" should really scare the public. At no point has Paul Ryan ever indicated that he has a clue about what he speaks.
And underlying that choice was the new British government’s adherence to the same theory offered by Republicans to justify their demand for immediate spending cuts here — the claim that slashing government spending in the face of a depressed economy will actually help growth rather than hurt it.
So how’s that theory looking? Not good. The British economy, which seemed to be recovering earlier in 2010, turned down again in the fourth quarter. Yes, weather was a factor, and, no, you shouldn’t read too much into one quarter’s numbers. But there’s certainly no sign of the surging private-sector confidence that was supposed to offset the direct effects of eliminating half-a-million government jobs. And, as a result, there’s no comfort in the British experience for Republican claims that the United States needs spending cuts in the face of mass unemployment.
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