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Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Albany
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The science fiction world has a lot of people doing seriously imaginative thinking.
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America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity.
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The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
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There are no atheists in foxholes and there are no libertarians in financial crises.
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The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.
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So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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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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Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
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In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.
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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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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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Economics is not a morality play.
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If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much.
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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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The party of ideas has become the party of Beavis and Butthead.
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Economists don't usually make good speculators, because they think too much.
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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
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