If Mitt Romney is elected president, then the economy may experience another recession, according to Paul Krugman.

"I think there's a real chance that he'll manage to pursue a policy in the first couple of years that simultaneously blows up the deficit and depresses the economy," the Nobel Prize-winning economist said on HuffPost Live Wednesday. "Tax cuts for the rich, who won't spend them, and slash spending for the poor and the middle class, who will be forced to cut back. And so we end up managing to have a simultaneous deficit explosion and double-dip recession."

Tax cuts for the rich do not help economic growth, according to two recent studies, and some analyses have found that Romney's proposed tax cuts would help the wealthy the most. Romney also has promised to slash government spending by roughly one-fifth, which economists say would hurt consumer demand. But it is unclear whether Romney would be able to cut government spending so dramatically if Democrats maintain a majority in the Senate.

Krugman said that over the long term, Romney's economic policies could lead to a "depression," saying: "It's the Republican policies that are much more likely to make us end up like Greece."

Greece currently is experiencing a severe recession. One in four Greek workers are unemployed, including one in two young workers. Greece has been relying on bailouts to avoid completely defaulting on its debt.

At the final presidential debate Monday, Romney accused President Barack Obama of pursuing policies that would lead to a Greek-like debt crisis in the U.S. But that analysis failed to take into account that the U.S. budget deficit is shrinking, and that the Federal Reserve can weaken the U.S. dollar when necessary, while Greece does not have that same option for the euro.

"I'm not seeing a lot of evidence that he [Romney] really does understand it [economics]," Krugman said on HuffPost Live. "People say he's a smart guy, but it's not visible in his statements, and it's not visible in his off-the-cuff reactions either."

"I don't have a lot of hope that he actually would know what he's doing at all or that he would even know how to pick the right people," Krugman added.

Also on HuffPost:

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  • Chris Christie

    Krugman has <a href="http://www.nytimes.com/2012/08/27/opinion/krugman-the-comeback-skid.html?_r=1" target="_hplink">slammed Christie</a> for touting a New Jersey comeback, even when the state still faces a 9.8 percent unemployment rate. He's also criticized the governor for his decision to raise taxes on low-income New Jersey residents, while vetoing a temporary tax boost for millionaires.

  • Ron Paul

    Krugman hasn't been shy about criticizing Ron Paul's economic theories, particularly his dislike of the Federal Reserve. Krugman said of Paul's interest in keeping the government out of monetary policy during a <a href="http://www.huffingtonpost.com/2012/04/30/paul-krugman-ron-paul_n_1465870.html" target="_hplink">debate on Bloomberg TV</a>: "If you think that you can avoid that you're living in the world that was 150 years ago." Krugman's also called <a href="http://www.huffingtonpost.com/2012/08/27/paul-krugman-gold-standard_n_1832767.html" target="_hplink">returning to the Gold Standard</a> -- a view Paul's touted for years -- "an almost comically (and cosmically) bad idea."

  • Paul Ryan

    After presumptive Republican presidential nominee Mitt Romney announced that Paul Ryan would be his running mate, Krugman wasted little time deriding the Wisconsin Republican's views on the economy and budget. <a href="http://www.nytimes.com/2012/08/24/opinion/krugman-galt-gold-and-god.html?_r=1&hp" target="_hplink">Krugman wrote of Ryan</a> that he "evidently gets his ideas largely from deeply unrealistic fantasy novels."

  • Niall Ferguson

    After Harvard professor Niall Ferguson (left) penned a <em>Newsweek</em> cover story arguing President Obama doesn't deserve a second term, Krugman demanded that <a href="http://www.huffingtonpost.com/2012/08/20/paul-krugman-niall-ferguson-newsweek_n_1810136.html" target="_hplink">the magazine issue a correction</a>, starting a bit of a spat with the <em>Newsweek</em> columnist and historian. Krugman said of the cover story on his blog: "There are multiple errors and misrepresentations in Niall Ferguson's cover story in Newsweek -- I guess they don't do fact-checking." <a href="http://www.theatlantic.com/business/archive/2012/08/a-full-fact-check-of-niall-fergusons-very-bad-argument-against-obama/261306/" target="_hplink">The Atlantic's Matthew O'Brien did a full fact-check of Ferguson's piece</a>, which <a href="http://www.thedailybeast.com/articles/2012/08/21/niall-ferguson-defends-newsweek-cover-correct-this-bloggers.html" target="_hplink">Ferguson defended himself against</a>.

  • Estonian President Toomas Hendrik Ilves

    Krugman argued that perhaps Estonia <a href="http://www.huffingtonpost.com/2012/06/06/estonia-krugman-toomas-hendrik-ilves_n_1575937.html" target="_hplink">shouldn't be held up as a model</a> for successful austerity measures in a 67-word blog post in June. The country's president Toomas Hendrik Ilves took to Twitter to slam Krugman, calling him "smug, overbearing & patronizing."

  • Andrew Ross Sorkin, "Squawk Box"

    Krugman appeared on "Squawk Box" in July to discuss his book, but was upset to find out that they "never actually got there." Instead, <a href="http://www.huffingtonpost.com/2012/07/11/paul-krugman-cnbc_n_1664771.html" target="_hplink">Krugman wrote on his blog</a> that the appearance consisted of "one zombie idea after another -- Europe is collapsing because of big government, health care is terribly rationed in France, we can save lots of money by denying Medicare to billionaires, on and on," adding that people counting on the shows for sound information are getting "terrible advice."

  • Mitt Romney

    Krugman hasn't been shy about criticizing Mitt Romney's plans for America's budget and economy, and he's taken the former CEO of Bain Capital to task for <a href="http://www.nytimes.com/2012/07/06/opinion/off-and-out-with-mitt-romney.html" target="_hplink">touting his business career</a>. In a column titled "Off and Out with Mitt Romney," Krugman wrote, "the truth is that even if Mr. Romney had been a classic captain of industry, a present-day Andrew Carnegie, his career wouldn't have prepared him to manage the economy."

  • Rich People

    Krugman has argued that the rich embrace Republican economic policies both because they want more money and simply because they're more inclined to buy into theories that justify their wealth. In a May <a href="http://www.huffingtonpost.com/2012/05/08/paul-krugman-rich-people-want-to-buy-praise-as-the-salvation-of-the-rest-of-us_n_1499679.html" target="_hplink">interview with Reuters</a>, Krugman said that rich people "want the world to praise them for their wealth, so they want economic theories that praise rich people as the salvation of the rest of us."

  • Wall Street

    Krugman has been critical both of Wall Street's current practices and of the industry's ability to escape punishment for its role in the financial crisis. In a <a href="http://www.huffingtonpost.com/2012/02/17/paul-krugman-playboy-interview_n_1284417.html" target="_hplink">February interview with Playboy</a>, Krugman said "It's hard for me to believe there were no crimes. Given the scale of [the financial crisis], given how many corners were being cut, some people must have violated laws. I think people should be in jail."