Every time you write Krugman, I read Keynes. Keynesian economics appeared to work when first started but then rapidly ran out of steam kinda like Marxism.
The main problem, to my observation over decades, is that when politicians start bloviating about making the rich pay their “fair share”, it is never very long until “rich” is defined as “anybody with a job”, while the actual rich have long since become non-resident for tax purposes.
Thousands of years ago, Lao Tzu advised the Emperor of China. Two pieces of his advice have always stuck with me. First, he told the Emperor to not take more than ten percent of the people’s output in taxes, as that would prevent unrest, discontent and rebellion. A tenth was a fair share. The other thing he said was that running a big country is like cooking a very small fish - if you poke it too much, you’ll ruin it. Western governments nowadays are nothing BUT poke, poke, poke, poke, poke.
Every time you write Krugman, I read Keynes. Keynesian economics appeared to work when first started but then rapidly ran out of steam kinda like Marxism.
I like to tell people that I can explain Keynesianism in only four words: “Government is your Daddy.”
The main problem, to my observation over decades, is that when politicians start bloviating about making the rich pay their “fair share”, it is never very long until “rich” is defined as “anybody with a job”, while the actual rich have long since become non-resident for tax purposes.
Thousands of years ago, Lao Tzu advised the Emperor of China. Two pieces of his advice have always stuck with me. First, he told the Emperor to not take more than ten percent of the people’s output in taxes, as that would prevent unrest, discontent and rebellion. A tenth was a fair share. The other thing he said was that running a big country is like cooking a very small fish - if you poke it too much, you’ll ruin it. Western governments nowadays are nothing BUT poke, poke, poke, poke, poke.
I keep pointing out that Trump's tax cuts raised revenue, especially after the idiotic lockdowns were discontinued. "It's the spending, stupid!"
Where the Democrats are concerned....you can't fix stupid.
The Nobel Prize Committee does make mistakes. After all, they are human. Obama and Krugman were two of them.