We have seen Paul Krugman’s face everywhere, especially in these times of economic hardship, opining on all matters concerning our economy. Krugman, a famous Economics professor that teaches his craft at Princeton University, also won the 2008 Nobel Prize in Economics.He, like President Obama, believes that America needs to spend us out of the recession, and then when we regain our economic footing, engage in the spending cuts advocated by Germany and the Republicans. CTV reported on his criticism about the G20 spending cuts.
Krugman, reading the Political tea leaves here and in Europe, has thrown in the proverbial towel and predicted that America is heading into a Depression to rival the one we had in 1937. An avid proponent of Keynesian Economics, he believes that, like in the 30's, the United States mistakenly thought that it was out of the Depression and engaged in massive spending cuts, which exacerbated the economic woes.
Professor Krugman is not getting much love in the economic sphere because. As a vocal proponent of the much maligned stimulus, the projected jobs and economic upturn have not manifested. He has said that we have not given the stimulus enough time to work; or moreover, we have not spent enough to see the positives that he predicted.
Opposing Krugman is Neil Ferguson, who sees things economically from a polar opposite point of view. Both economic savants vehemently disagree on how to cure our financial ills.
Both Krugman and Ferguson agree that we are in quite mess, but disagree on when to implement austere measures, like massive cuts and savings, as opposed to massive spending and tax increases.
I have no dog in this fight. In fact, I worry about our country because either cure posited by both Krugman and Ferguson compel us to eat bitter herbs. I hope we can adjust our palates.
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