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Krugman: Bush Deficit Bad, Obama Deficit Good

Crazed economist Paul Krugman

NEW YORK, 2008-10-22 — Nobel Prize winning economist, Paul Krugman, who has written with extreme vitriol over the last four years in The New York Times about Bush and the deficit (and about everything non-economic he dislikes about Bush and Republicans) has now written that Obama's deficit spending will not be a bad thing.

"Bush's deficit spending has mortgaged the future of our children and ruined the United States. He should be lined up against the wall and shot... after being tortured,but not by waterboarding!" wrote Krugman. "But the (even larger) deficits that Obama will create are an investment in our future, and are a good thing for this country.

"I know that I have told everyone how much they should be worried about deficit spending. But now people need to realize that deficits are not the thing to worry about, that in fact deficits can be good.

"Most people won't understand this because they are not economists, and most economists won't understand this because they are not Nobel Prize winning economists! But it is really very simple. A Bush deficit is different from an Obama deficit. What's the difference? One is by Bush, the other is by Obama. That's the difference. They are both deficits, but it's the motivation that counts."

Felix Frelinghuysen

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