New York Times economic columnist Paul Krugman made a statement Sunday about the looming end of the year tax hikes and spending cuts that is likely to raise some eyebrows on both sides of the aisle.
Appearing on CNN's Fareed Zakaria GPS, Krugman said, "If Obama’s reelected, I think that there’s a quite good chance that for a month or two we actually will go off the cliff" (video follows with transcript and commentary):
PAUL KRUGMAN: Well, I mean, it’s a game of chicken, and I actually think that if Obama’s reelected, I think that there’s a quite good chance that for a month or two we actually will go off the cliff - which doesn’t do that much harm because it’s brief – because I think Obama if he is reelected he has to say, “Government by blackmail is not an acceptable way to run this country. So I’m going to call your guys’ bluff and let the people who are paying for your campaigns come running and demanding that you compromise with me.”
So I actually, I would put, you know, pretty substantial odds that we will in fact at least temporarily see those rates go up, and then, then it’s a different game.
So Krugman is advocating no resolution to this fiscal and economic nightmare before the end of the year so that the President can then pressure Republicans to do what he wants or let the economy suffer.
Isn't that "government by blackmail?"
Either the Nobel laureate isn't bright enough to realize that or it's a completely acceptable strategy when employed by a Democrat to achieve goals he supports.
And this guy wants to be Chairman of the Federal Reserve!