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Paul Krugman’s Parallel Universes

Posted on March 5 2010 12:00 pm
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New York Times’ columnist Paul Krugman wrote an op-ed piece today entitled “Senator Bunning’s Universe.”  Krugman attacks Bunning for temporarily holding up a temporary extension of unemployment benefits.  Then he broadens his attack on “Planet G.O.P” in general.

Today, Democrats and Republicans live in different universes, both intellectually and morally.

Of course, in Krugman’s view the Republicans live in the universe of the evil empire and the Democrats are the guardians of the universe of all that is good.

I think it is time for Krugman and his fellow left wingers to leave their own orbit of intellectual dishonesty and self-righteous platitudes behind and face some basic facts.  The U.S. Federal Debt as percent of Gross Domestic Product stands at a whopping 83.29%  for 2009 and 94.27% for 2010, according to government data.

The highest percentage during the Bush administration was 69.15%  in 2008.  The highest percentage during the Reagan administration was 51.02 in 1988.

Deficits projected by the Congressional Budget Office for fiscal years 2009 and 2010 are 11.2% (the highest since World War II) and 9.6% of the Gross Domestic Product respectively, despite the return of a substantial amount of TARP money by the major banks during the Obama administration.  The percentage was 3.2% in 2008 and 2.4% average over the past 40 years.

With a Democratic-controlled Congress and White House adding to annual deficits and the debt ceiling in the trillions of dollars, we are on a trajectory to bankruptcy.  Unless spending is cut drastically, the fates of Greece and California loom in our future.

That is the real universe we Americans are living in, Mr. Krugman.  Is it moral or intelligent to hand our children and grandchildren a country rolling towards bankruptcy?  Apparently Krugman is living in his own fantasy world and does not care.

As for Senator Bunning, he was simply trying to hold the Democrats to their word on pay-as-you-go, which they pushed through Congress with great fanfare to show how fiscally responsible Democrats can be.  They failed one of their first tests, as Bunning pointed out, by not making cuts elsewhere in the budget to offset the $10 billion being spent on the temporary extension of unemployment benefits.  After he made his point to get some media attention focused on the Democrats’ hypocrisy, the liberal mainstream media hounded Bunning rather than report on the underlying issue.

In any event, Bunning’s hold on the extension lasted only a few days. He made this statement:

I hope Senate Democrats tonight vote for their own pay-fors and show Americans that they are committed to fiscal discipline. I will be watching them closely and checking off the hypocrites one by one

Bunning will be checking off alot of hypocrites as the Democrats continue to spend recklessly with no thought of making offsetting cuts, much less drastically reducing spending overall to reverse the growing debt curve.

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