“To the extent that sacrifices need to be made, shouldn't the people who've made out like bandits this past generation be first in line? The problem with getting out of the slump is that we need to spend more. It's not that somebody needs to spend less. We have idle workers who have the skills and the willingness to work. We have idle factories. Dealing with this is not about saying somebody needs to suffer. It's saying that we need to be prepared to open the taps.” PeopleNeedsFirstsMadeProblemPastSufferingLinesGenerationsSacrificeSkillsPreparedWorkersWillingnessFactoriesIdleBe PreparedBanditsSlumpsPast Generations Author:Paul Krugman
“What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.” WorldNeedsWarDealsKnownEconomyProjectsSavedEnormousWar Of The WorldsWorld War IiWorld War IAdequateStimulusNew Deal Author:Paul Krugman
“If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. ... There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.” IfsKnowsWorldNeedsWellsWould BeOrderSpaceAchieveMonthsNeededScientistThreatPlanningAliensBudgetsFakeZoneMassiveTwilightEpisodesInflationDeficitStimulusTwilight ZoneSlumpsBudget DeficitSpace Aliens Author:Paul Krugman
“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.” IfsNeedsRealEconomySeriousSucceedMajorsProgramTrainRateFinancialCreditSpendingConsumersImmenseRescueMomentumStimulusRecessions Author:Paul Krugman
“[T]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we're bad and the confidence fairy will reward us if we're good. And real-world policy - policy that will blight the lives of millions of working families - is being built on that foundation.” PeopleIfsWorldNeedsTryingRealNextBeliefSoundMillionsFantasyPolicySeriousBuiltArgumentFoundationRewardsInvisibleFairyReal WorldRealismNext TimeExplainingAusterityBlightVigilante Author:Paul Krugman
“The problem with digital books is that you can always find what you are looking for but you need to go to a bookstore to find what you weren't looking for.” NeedsBookProblemDigitalBookstores Author:Paul Krugman
“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.” NeedsDoeGovernmentJobsEconomyCreationDirectDollarsIntentionDebtBillionsConsumersCorporationsReliefStressedMortgageTransfersHiringLobbyistsJob Creation Author:Paul Krugman
“I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.” NeedsGivingLongHas BeensEnoughPhilosophyFactsFacesPoliticalInterestCuttingPolicyEconomicsMovedInvestmentRateExcuseAlternativesMakersBubblesAlways BelieveMomentumRecessionsInterest RateCentral BanksPolicy MakersDownturn Author:Paul Krugman
“If you had to explain America's economic success with one word, that word would be "education".... Until now, the results of educational neglect have been gradual - a slow-motion erosion of America's relative position. But things are about to get much worse, as the economic crisis ... deals a severe blow to education across the board.... We need to wake up and realize that one of the keys to our nation's historic success is now a wasting asset. Education made America great; neglect of education can reverse the process.” IfsNeedsHas BeensMadeWould BeAmericaNationsProcessRealizingResultsDealsEducationEconomicPositionKeysWake UpCrisisBlowEducationalBoardsNeglectAssetsRelativeReverseSevereHistoricOne WordErosionEconomic CrisisSlow MotionEconomic Success Author:Paul Krugman
“So, very early reports are that Obamacare exchanges are, as expected, having some technical glitches on the first day - maybe even a bit worse than expected, because it appears that volume has been much bigger than predicted. Here’s what you need to know: this is good, not bad, news for the program... Lots of people logging on and signing up on the very first day... is an early indication that it’s going to be fine, that plenty of people will sign up for the first year of health reform.” PeopleKnowsNeedsYearsFirstsHas BeensBitsFineNewsProgramBiggerExpectedPlentyReformReportsVolumeObamacareIndicationBad NewsSigningLoggingGlitchesSigning UpHealth Reform Author:Paul Krugman
