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Paul Krugman is an ignorant dunce despite the fact he is educated.. The Stimulus combined with the TARP spending and the Omnibus Spending Bill [ a total of almost $2T ] didn't increase the GDP or decrease unemployment. In fact true unemployment even reached a point above 15%. and the GDP continued to fall. European Countries using the Keynesian theory of stimulus spending are going bankrupt with bigger deficits than they would have had otherwise. The only thing Stimulus spending does is kick the can down the road a year or two and increase the National Debt. In Obamas case the Stimulus wasn't even well thought out it was full of waste that didn't produce jobs or produced temporary jobs at a cost of 2 to 5 times the value of the job. We would have been better off just giving the money away.
Posted by concerned75
First, Business Insider said it, not me, and second, if Paul Krugman is your version of an ignorant dunce then the smart people in economics are now praising the wrong guy aren't they? :) Maybe a noted economist like you should give them a call and set them straight? Btw.....you said "European Countries using the Keynesian theory of stimulus spending are going bankrupt with bigger deficits than they would have had otherwise"...............what countries would that be?
What I did say is this: "my vote says, no they will not be big enough, they will simply rejigger and carry on because austerity is the ideological goal by any means"................thanks for proving me correct, you practically tripped over yourself doing it.