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Paul Krugman’s Tunnel Vision

Posted on October 8 2010 6:00 pm
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Left-wing economist and New York Times op-ed columnist Paul Krugman went after New Jersey Governor Chris Christie for deciding to halt any further spending on a bloated public transit project.

The plan that Christie inheritied was to build another commuter train tunnel under the Hudson River to Manhattan, budgeted originally to cost $8.7 billion.Christie made his decision after he learned that the project would end up costing at least $2.5 billion over budget and that New Jersey’s taxpayers would have been responsible to pay the overrun. Krugman coouldn’t care less about the taxpayers. He attacked Christie for making,

a destructive and incredibly foolish decision on multiple levels

Krugman thinks that a 28 percent overrun is pocket change, which Christie should just pay and shut up.

Writing in apocalyptic terms, Krugman warns his readers:

So here’s how you should think about the decision to kill the tunnel. It’s a terrible thing in itself, but, beyond that, it’s a perfect symbol of how American has lost its way.

As usual, Krugman’s tunnel vision, which is limited to his discredited Keynesian economic orthodoxy, demonstrates how America is losing its way if we continue on the present spend and borrow track towards a train wreck.

Krugman repeats his nonsense that there has not been enough federal stimulus spending. Never mind that $800 billion in stimulus money has gone for naught, as evidenced by the latest unemployment numbers. The jobless rate has now topped 9.5 percent for 14 straight months, the longest stretch since the 1930s. But Krugman’s solution is to simply throw more good money after bad, and to rack up even more debt.

Governor Christie demonstrated the political courage to pull the plug on a project whose costs were ballooning out of control, saddling current and future generations with the resulting burden to pay for it. He made the right decision.

Joseph A. Klein is the author of a new book entitled Lethal Engagement: Barack Hussein Obama, the United Nations and Radical Islam.

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