Well, maybe if you had broken sharply from the conservative frame, millions of Americans would have risen up and said, “No! We do not have to make ‘tough choices’. America cannot go broke. The US government can always AFFORD to make good on its promises to the elderly, disabled, poor, etc. and also pay bondholders. It is the ISSUER of a non-convertible fiat currency, not the USER of a stateless currency like Greece, Italy, etc.” You never explained any of this honestly. You hedged and gave ground, saying things like, “Well, yes, the deficit is going to be a problem in the medium or long run, but we should focus on employment right now.” Don’t you see what a losing argument that is?
It’s like saying, “I know we need to go on a diet, but first we need to go out an buy a bigger pair of pants.”
No wonder progressives are losing! You’re allowing the GOP to frame the debate instead of re-framing it for a progressive audience.
You, Dean Baker, Robert Reich, Larry Mishel, etc. should have spoken honestly about the debt, deficit, Social Security, etc. from the beginning.
Progressives should follow Jamie Galbraith, Warren Mosler, Bill Mitchell, Yeves Smith, and everyone at http://neweconomicperspectives.blogspot.com. They are the last progressives standing.
Will Krugman ever tell his readers that the US has a fiat currency?Published July 27, 2011 Capitol Hill , economy , Obama Leave a Comment
Tags: disaster capitalism, MMT, Paul Krugman, shock doctrine