I Love Paul Krugman

Day in and day out Paul Krugman speaks wisdom. For that, he will always have a place on this blog.

Corporate media has been paying way too much attention to a handful of "moderate" Republicans and conservative Democrats as they hacked $120 billion dollars in badly needed aid to state governments....aid for education and other programs that might be axed as these states struggle to balance their budgets as revenues decline. Not once have I heard someone from the corporate media explain the logic behind making these cuts, nor have I heard them explain the potential catastrophic results....one only has to look at the local newspaper to see that state governments are grappling with some serious financial sort falls, and that programs, and jobs, will be cut. As these states cut their education budgets, teachers will lose their jobs....as these states look at their contribution to city and towns, police and fire budgets will be cut...this is not going to be pretty.

Krugman called these "moderates" what they are....tax cut loving, people hating, idiots that have no clue about economics....These "moderates" (who really aren't moderate at all) are married to a believe that tax cuts are better than spending that directly puts people to work and money into the economy. As the chart in a previous post shows....tax cuts return a far smaller return....bang for the buck...than investing in jobs, and increasing food stamps and unemployment spending.

We can hope that this money that was cut from the stimulus package can be put back in during conference deliberations.....that is, you can hope Pelosi and other Democratic leaders can get the job done....I'm not sure than will.