If Mitt Romney is elected president, he's just going to rely on his "awesome awesomeness" to revive the economy, according to Paul Krugman.
Romney's economic plan, which includes proposals like creating 12 million jobs and cutting taxes for the rich, supposedly without increasing the deficit, isn't actually an economic plan, the Nobel Prize-winning economist wrote in a New York Times blog post on Thursday.
"The true plan is to provide an economic stimulus in the form of Romney’s awesome awesomeness; the cover story is the pretense of having an actual program," Krugman wrote. "The Romney notion is that we'd be having a rip-roaring recovery right now, except that Job Creators feel that Obama is looking at them funny. And so all Romney has to do is show up, and happy times will be here again."
The Romney campaign is avoiding the fact that the economy has needed more "fiscal and monetary stimulus" than it has received, Krugman wrote, and instead is clinging to the notion that the only solution is "CONFIDENCE."
There have been warning signs that Krugman may be right. Romney said at the now-infamous "47 percent" fundraiser that "we'll see capital come back and we'll see -- without actually doing anything -- we'll actually get a boost in the economy."
Yes, you read that right. "Without actually doing anything."
Many critics also have derided Romney's tax plan, saying it doesn't add up. Romney has promised to cut taxes in a way that would largely benefit the rich; he also has promised not to increase the deficit or raise taxes on the middle class by doing so. But the Tax Policy Center and several commentators have noted that this is mathematically impossible. Romney's latest tax proposal still would increase the deficit and benefit the rich the most, according to the Tax Policy Center.
Some commentators, including Bloomberg View columnist Josh Barro, surmise that Romney has a "secret economic plan" that he would aim to implement if elected President. But Krugman appears to view Romney's planning skills less generously.
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<a href="http://krugman.blogs.nytimes.com/2012/08/10/culture-of-fraud/">The Nobel Prize-winning economist wrote</a> in a New York Times blog post in August: "Romney’s tax plan is now a demonstrated fraud — big tax cuts for the rich that he claims would be offset by closing loopholes, but the Tax Policy Center has demonstrated that the arithmetic can’t possibly work."
Matt Taibbi, contributing editor to Rolling Stone, <a href="http://www.rollingstone.com/politics/blogs/taibblog/the-vice-presidential-debate-joe-biden-was-right-to-laugh-20121012">wrote in a recent blog post </a>: "If you're going to offer an across-the-board 20 percent tax cut without explaining how it's getting paid for, hell, why stop there? Why not just offer everyone over 18 a 1965 Mustang? Why not promise every child a Zagnut and an Xbox, or compatible mates for every lonely single person?"
Harvard economist Larry Summers, a former top adviser to President Barack Obama, <a href="http://www.huffingtonpost.com/2012/10/11/larry-summers-romney-tax-plan_n_1958982.html">recently compared Mitt Romney's tax plan</a> to a hamburger and ice cream diet. He said: "It’s easy to say that 'My plan is to eat ice cream sundaes and chocolate cake and hamburgers as much as I want, my plan is to lose 60 pounds, and my plan is to avoid painful exercise, and those are all my objectives and I'm committed to every one of them.'"
The Tax Policy Center
<a href="http://www.taxpolicycenter.org/publications/url.cfm?ID=1001628">The Tax Policy Center</a>, a nonpartisan, nonprofit think tank, <a href="http://www.huffingtonpost.com/2012/09/11/romney-tax-plan-middle-class_n_1874113.html">recently concluded</a> that Mitt Romney's tax plan is mathematically impossible without raising taxes on the middle class.
<a href="http://www.bloomberg.com/news/2012-10-12/the-final-word-on-mitt-romney-s-tax-plan.html">Bloomberg View columnist Josh Barro wrote</a> in a recent column that the six studies that the Romney campaign uses to claim the candidate's tax plan is mathematically possible "individually and collectively...fail the task."
<a href="http://thinkprogress.org/economy/2012/10/12/1004921/zandi-romney-tax-plan/">Mark Zandi</a>, chief economist at Moody's Analytics, recently said on CNN that when it comes to Romney's tax plan, "the arithmetic doesn't work as it is right now."
<a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/04/romney-tax-plan-on-table-debt-collapses-table/">Washington Post columnist Ezra Klein wrote in August</a> that "the Tax Policy Center’s analysis has removed all doubt" that Romney's tax plan is mathematically impossible.
<a href="http://www.thedailybeast.com/articles/2012/10/11/vice-presidential-debate-live-blog.html">David Frum</a>, contributing editor at Newsweek and The Daily Beast, recently wrote: "Romney's tax cut plan doesn't work. I'm a Republican, I support Romney, etc. But you can't cut that much in such a stagnant economy and expect to break even. Even with a deductions cap, it just won't happen."
Catherine Rampell, economics reporter at The New York Times, wrote of the <a href="http://economix.blogs.nytimes.com/2012/10/01/the-math-on-the-romney-ryan-tax-plan/">the Romney campaign's tax promises</a> in a recent blog post: "Not <em>all</em> of those principles can coexist so long as basic arithmetic survives."