Word: krugman
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Princeton Economics Professor and Nobel Laureate Paul R. Krugman compared the Obama administration’s fiscal policies to the government’s policies during the Great Depression in a speech at MIT on Friday, predicting a prolonged recession with high unemployment for years to come...
...Krugman faulted the Obama administration for declaring a freeze on non-security discretionary spending and making a second stimulus package politically impossible, drawing parallels to former President Franklin D. Roosevelt’s decision to reduce government funding in 1937, which resulted in another “severe recession...
...Krugman similarly described the Obama administration’s stimulus as “halfhearted,” explaining that the mere existence of a large government and the move to rescue the financial sector each had more of a stabilizing effect on the economy than the stimulus itself...
...brief interview with The Crimson after his speech, Krugman said that he wishes there were “more heterodox voices” in Obama’s economic team. But he reserved praise for Christina D. Romer, chair of the Council of Economic Advisers, saying, “As far as I know, she wanted a bigger stimulus...
...Krugman, who had advocated for a larger stimulus in his columns for the New York Times last spring, said in his speech that politicians did not realize that “doing what you think of as a more careful, cautious policy is actually extremely risky because you really have one shot at this—no more...