Paul Krugman Eviscerates Crazy Voodoo Economics of New GOP-led Congress
As one of his first acts, Mitch McConnell, our brand new Senate majority leader, took credit for the recovering economy. New York Times columnist Paul Krugman was as astounded as any other right-thinking individual about that one. "I didn’t see that one coming," he wrote in Friday's column. "Never mind the fact that all of the good data refer to a period before the midterm elections. Mitch McConnell, the new Senate majority leader, says that he did it, that growth reflected 'the expectation of a new Republican Congress.'”
But that was then. At this point we have multiple independent confirmations — most recently from Gallup — that Obamacare has dramatically expanded insurance coverage. So what do they say now? The law “will collapse under its own weight,” says Representative Paul Ryan, the new chairman of the House Ways and Means Committee.
Speaking of Mr. Ryan: Almost four years have passed since he and many others in his party lambasted Ben Bernanke, then the chairman of the Federal Reserve, for policies that they claimed would lead to high inflationand “debase the dollar.” The inflation never materialized, and the dollar proceeded to strengthen, but Mr. Ryan gave no sign of having been chastened — and many conservatives, including favorite intellectuals like Niall Ferguson of Harvard, became “inflation truthers,” insisting that the government is hiding price rises.
Nuts, right? And that's not even to mention the leader of the environment committee, James Inhofe's, continued insistence after a year that is the hottest on record that climate change is a liberal hoax. Krugman is deeply troubled, as we should all be, by the fact that, "Congress is now controlled by men who never acknowledge error, let alone learn from their mistakes."
These ideologues are not on the fringe anymore, they are right in the seats of power. We have to acknowledge that painful reality, and it is deeply troubling. "We can’t have meaningful cooperation when we can’t agree on reality," Krugman concludes, "when even establishment figures in the Republican Party essentially believe that facts have a liberal bias."