Alana Horowitz shares on June 3, 2012 on the Huffington Post economist and New York Times columnist Paul Krugman’s take on Paul Ryan’s budget plan on ABC’s “This Week.”
“The plan’s a fraud,” he said on Sunday. “The plan is a big bunch of tax cuts, some specified spending cuts, basically for poor people, and then a huge magic asterisk which is supposed to turn into a deficit reduction plan, but, in fact, if you look what’s actually in it, it’s a deficit-increasing plan.”
He continued, “That there is really no plan there, neither from Ryan, nor from Governor Romney, is just the truth … if that’s being harsh and partisan, gosh, then I guess the truth is anti-bipartisanship.”
Krugman was responding to Romney adviser’s claim that the GOP presidential nominee believes the Ryan plan is “the right direction.”
Krugman is an economist who thinks only in terms of one-factor, rather than two-factor reality economics. His approach also is one that relies on deficit increases to prop up the economy in the name of purposely creating jobs. We need to put the emphasis on the creation of physical productive capital creation, which as the economy benefits from these investment in real productive capability, “real” jobs will result. The larger fiscal problem we have is the result of Romney’s and Ryan’s policies that will result in the continued hoarding of ownership of productive capital by the top 1 percent, who own productive power that they cannot or won’t use for consumption. Their policies continue to deny ordinary Americans, who do not have sufficient “past savings” to “risk” in the “casino stock market,” real income-producing participation in the future formation of productive capital assets held by our business corporations. As a result their policies and program will continue to beggar their neighbor––the equivalency of mass murder––the impact of concentrated capital ownership.
http://www.huffingtonpost.com/2012/06/03/paul-krugman-paul-ryan-budget-plan_n_1566362.html
