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The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Albany
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Paul Robin Krugman
Paul R Krugman
Patience
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Poverty
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What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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Bad ideas flourish because they are in the interest of powerful groups.
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Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
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Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine.
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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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The French, unfortunately, actually believe what they say, and that has been very destructive.
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Default is not in our stars, but in ourselves.
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