I never thought I'd imply that Paul Krugman could be wrong. But when my mother in New Jersey voiced relief that Ohio was doing so much to help the poor after reading his column or another story, I knew some explanation was needed.
Paul Krugman has a piece up today about how Germany's large and persistent trade surpluses play an important, destructive role in the slump in the rest of the Euro area -- essentially, they import much-needed labor demand from the rest of the zone.
Our democracy thrives on a vibrant two party system. We have endured with it before and we need it restored again, something I am sure serious Democrats would welcome.
I have shown that Paul Krugman failed to anticipate the financial crisis and wrongly predicted that the single European currency would fall victim to it. I have exploded his claim to intellectual invincibility. Very clearly, he has made at least twice as many major mistakes in his career as the mere two he has previously admitted to.
Why, you may ask, did Krugman feel the need to be so bold (and so wrong) in predicting the euro's collapse over and over again, in his column, on his blog and to every media outlet that would give him an interview?
None of this will be easy. It requires a lot of people from very different backgrounds to talk to each other. But unless the intellectual opinion-makers of the middle class can join forces with a revitalized labor movement, all of us are in a lot of trouble.
I would like to see Paul Krugman admit that he got the biggest call of the last several years dead wrong, again and again and again. Not only should he admit his mistake, but he should also apologize to the millions of people who have suffered as a result of it.
The Grand Bargain is essentially about taking money from middle income people through Social Security cuts and tax increases and giving the money to the Pentagon for unnecessary Pentagon spending.
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An even bigger problem though is that by focusing so heavily on Summers, the president has inadvertently narrowed the field down to only two candidates: Larry Summers and Janet Yellen.