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Paul Krugman: Now is the time for government to increase spending!

By Doug Powers  •  May 5, 2012 02:15 PM

**Written by Doug Powers

The country’s debt has increased over $5 trillion since President Obama took office, so I’m not sure where Krugman gets the idea that the US government has been pinching pennies. Maybe Krugman’s just baffled because nobody in the White House has yet implemented his “mobilizing for a space alien attack” suggestion.

Transcript from Real Clear Politics:

“Look at what’s happened in Europe. Look at how austerity policies have worked. Look at those countries, mostly not in the West, look at countries like South Korea that have had effective stimulus programs. We’ve had an acid test of different economic theories — Keynesian economic doctrine. The economic doctrine that says now is the time for the government to spend more, not less, has been overwhelmingly confirmed by experience,” economist Paul Krugman said on the Friday broadcast of MSNBC’s “Hardball”

“We could end this depression now. We could end it fast, 18 months probably if we did the right thing, but nobody believes it,” Krugman said.

Robert Reich and Joe Biden agree with Krugman — but I wouldn’t trust any of those three to balance my checkbook.

This philosophy on government spending reminds me of that old joke about shampoo instructions: “Lather, rinse, repeat? It doesn’t say when to stop.” Krugman’s version is “spend, spend, repeat.” When do you stop? Why would you want to do that?

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**Written by Doug Powers

Twitter @ThePowersThatBe

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