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Debates Forum

Debates Forum

  1. 30 Apr '12 03:20 / 1 edit

    Nobel Prize winning economist and New York Times columnist Paul Krugman appeared on ABC's "This Week" Sunday, where he and a panel of individuals admitted that the American economy is suffering greatly, and that the ramifications are likely to be both short and long term.

    Krugman maintains taht "allowing unemployment to stay near 9%, allowing the number of long-term unemployment to be 4 million -- which has not happened since the 1930's -- is destroying the attachment workers have to the workforce."

    However, rather than place the responsibility for the failing economy on the Executive Branch, Krugman slammed Chairman of the Fed Ben Bernanke for "not acting on the conviction he expressed as an academic. I think what has happened to Bernanke -- as I say he has been assimilated by the borg -- he's become more concerned, probably unconsciously, with defending the Fed's institutional safety because it's the apostle of price stability, than with doing whatever he can to get this economy moving. If you listen to professor Bernanke himself 10 years ago, he would know that he was supposed to be doing more. The Ben Bernanke conundrum -- the divergence between what Professor Bernanke advocated and what Chairman Bernanke has actually done -- can be reconciled in a few possible ways. Maybe Professor Bernanke was wrong, and there is nothing more a policy maker in this situation can do. Maybe politics are the impediment, and Chairman Bernanke as has been force to hide in his inner professor. Or maybe the onetime academic has been assimilated by the Fed borg and turned into a conventional banker."


    So with "W" out of the picture and the Tea Party no where to be seen, is Ben Barnanke the new scapegoat for the left? If you ask me, everyone on the left, including Krugman, has been assimilated by the borg of central planning. There is simply no way to admit that the gospel of central planning is faulty, so someone must now take the blame I suppose. God forbid they pen failure on the ideology of central planning. The only other option is now to pen the tail on Ben Barnanke as a personal failure of some kind. Perhaps Ben is now the closest thing to a conservative in that sick twisted town, so tag, your it Mr. Scapegoat!!