Huffpost Business

Paul Krugman: 'Ireland Is Romney Economics In Practice'

Posted: Updated:

If Mitt Romney is elected president, the U.S. will experience an economic disaster the likes of which have been recently seen in Ireland, according to Paul Krugman.

"Ireland is Romney economics in practice," the Nobel-Prize winning economist and New York Times columnist said on the Colbert Report on Monday. "I think Ireland is America's future if Romney is president." (h/t Politico.)

"They've laid off a large fraction of their public workforce, they've slashed spending, they've had extreme austerity programs, they haven't really raised taxes on corporations or the rich at all, they have 14 percent unemployment, 30 percent youth unemployment, zero economic growth," Krugman said.

Romney, the likely Republican nominee for president, recently suggested that the government should lay off more firemen, policemen, and teachers, according to CNN. Romney's campaign website says that if elected president, Romney would aim to slash federal spending at least 18 percent by the end of his first term.

Conservatives like Romney loved Ireland's economic program before the country fell into a depression, in part because it had "the lowest corporate tax rates," Krugman said on the Colbert Report. Ireland fell into recession again at the end of last year.

After Krugman finished his criticism of Romney's economic plan, there was a pause as Colbert tried to think of a good retort. "Well the Irish can handle it, OK? The Irish do very well in bleak, depressing times," Colbert said. "They've got those jigs and everything that they do."

Check out some more Krugman lines here:

Close
Paul Krugman Quotes
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Around the Web

Krugman: Mitt will make us Irish

Paul Krugman: Mitt Romney Doesn't Mean Anything He's Saying ...

Paul Krugman dings Mitt Romney at Netroots Nation | TPM2012

We Don't Need No Education - NYTimes.com

Mitt Romney Promises to Create Eleventeen Million Jobs - NYTimes ...

The Amnesia Candidate - NYTimes.com

The Rich Are Different From You And Me - Paul Krugman - The New ...

Paul Krugman: Wow, I Almost Just Applauded Mitt Romney

Mitt Romney A 'Closet Keynesian': Paul Krugman

Krugman on Romney jobs plan: 'There is nothing there' - POLITICO ...

 
  Obama Romney
Obama Romney
332 206
Obama leading
Obama won
Romney leading
Romney won
Popular Vote
33 out of 100 seats are up for election. 51 are needed for a majority.
Democrat leading
Democrat won
Holdover
Republican leading
Republican won
Democrats* Republicans
Current Senate 53 47
Seats gained or lost +2 -2
New Total 55 45
* Includes two independent senators expected to caucus with the Democrats: Angus King (Maine) and Sen. Bernie Sanders (Vt.).
All 435 seats are up for election. 218 are needed for a majority.
Democrat leading
Democrat won
Republican leading
Republican won
Democrats Republicans
Seats won 201 234
Click for Full Results