Nobel Prize Winning Economist Says that the Debt Ceiling Deal was a Disaster

2 Aug

barack obama, black politics

Your Black World reports.

Princeton University Professor and Nobel Prize winning economist Paul Krugman expressed his concerns about the recent debt ceiling deal between President Obama and the Republicans.  Krugman said that the president effectively caved in to threats from the Republicans, and gave them what they wanted. 

"From the perspective of a rational person–in other words, a progressive on this stuff–we shouldn’t be even talking about spending cuts at all now," he said. "…The Republicans said ‘we’ll blow up the world economy unless you give us exactly what we want,’ and the president said, ‘OK.’ That’s what happened."

Krugman argues that to get out of the recession, spending must be increased, not cut back.  He also argues that the original stimulus package wasn’t large enough for a full economic recovery.  The Rev Jesse Jackson also stated that he was concerned about the deal, and that President Obama wasn’t tough enough in the negotiations.

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17 Responses to “Nobel Prize Winning Economist Says that the Debt Ceiling Deal was a Disaster”

  1. Samdromeda August 2, 2011 at 5:50 am #

    Since the Fed declared that they would not put anymore money into this economy there gas been nothing but squabbling over the remains of the Caracas of the worlds largest economy. If i did not kn ow better I would say that America is kiting checks and arguing over who is going to transfer money from their savings account to the checking account. Repeal the Federal Reserve Act. Abandon the dollar and start over. It takes guts to do this. Abraham Lincoln did not have to deal with foreign banks controlling our currency. They did however put a hit out on Lincoln. Maybe that is why our politicians are so scared and crazy. There is no soundness in our government when political schizophrenia runs rampant within it. There is an altered sense of reality there. Obsessive compulsive bean counters have taken control and everyone is speaking in code. The John Birch Society could do a better job than these guys and no one would go hungry because everyone would work and no sovereignty would be given away. We would not pay our enemies to be our friends. No more imperialistic control of global resources at the expense of indigenous peoples.

  2. Maxwell1 August 2, 2011 at 3:09 pm #

    Was the President suppose to let the country go into default. I am so tired of you people blame the President. Why don’t you blame those fools in Congress for this mess.

    • Pudding August 2, 2011 at 3:49 pm #

      Amen, brother Maxwell1, Amen, amen.

      Please note that there are numerous opinions by many economists regarding the debt ceiling but Dr. Boyce chose to present only one – one that criticizes President Obama. This is a routine activity for him. His jealousy of President Obama is always the motivation behind whatever issue he plans to blog about. I despise the way he has treated out President and I am beginning to despise Dr. Boyce.

  3. E Nembhard August 2, 2011 at 4:25 pm #

    I cannot agree with anyone who think that President caved in and gave the republicans what they wanted. It was a compromise and the President stated that fact. The deal was far from the original one. Can you read? Are you listening? Did you see how close we came to this default which also needed extra time to be passed by congress? Getting the President out of the libility to negotiate again within six months was a good accomplishment given the short time remaining to put this into place. Entitlement, mEDICARE AND mEDICAID is still in place . Now he can focus on raising taxes on the wealthy and remember that does not exclude the President. I heard him He sait those of us who makes more than $250,000, So then dr Boyce let’s get straight with ourselves and not undermine our President’s ability to do the right thing, which he did.

  4. David August 2, 2011 at 9:18 pm #

    White America ,wants the power of the presidency back in their hands as soon as possible and they have set out to extinguish any move President Obama puts forth. Don’t think for one minute that all the racist and bigots are the Republican, right-wing, Tea-party fanatics. No, that are plenty on the Democratic side too. This is the distinction between the overt racist and covert racist. Like when Federal troops were pulled from the south after Reconstruction and Jim Crow and outright racism and injustice prevailed, so has Congressional hijacking of the American people taken place again in our history.

    • Ormash August 3, 2011 at 1:27 am #

      President Obama has been put in place as a sacrificial lamb or better yet a punching bag so that powerful entites can do harm to the American people under the guise of stopping Obama” and by associating him with “black people” they kill 2 birds with the same stone.

      • yourblackresources August 23, 2011 at 6:30 pm #

        Ormash– You made a good point!

      • yourblackresources August 23, 2011 at 10:14 pm #

        The problem Ormash, and it’s very serious, is that Black ppl have been indoctrinated over the years to see skin color over culture and the overall reality at large is there’s cultural differences all over the US that have nothing to do with a person’s ‘skin color.’ We all need to understand that there’s a difference between culture and ethnic identity. For instance, Chinese, Korean’s, Viet Namese, Taiwanese and Japanese, (also deemed as Asians) though their ethnic identity is extremely similar they don’t see everything the same way. Different languages, religious beliefs, laws etc., which amounts to different cultures… The same applies to the ppl that exist throughout the European as well as the African continent, etc. The lesson is, just because someone looks like you does not mean that they see life like you do..

        PEACE

  5. ADRIAN HARRIS OF GRAMBLING STATE UNIVERSITY August 3, 2011 at 5:24 am #

    HAIL!!!! GOD THE FATHER MOST HIGH!!!! HAIL!! SEPIA PEOPLE OF THE RAINBOW SEPIA SPECTRUM!!—CONCERNING OF COURSE OUR GLORIUS ACHIEVEMENT, PRESIDENT BARACK H. OBAMA AND FAMILY, ACCORDING TO LERONE BENNETT JR. BLACK HISTORIAN: NOT CORRUPTION BUT HONESTY, NOT IGNORANCE BUT BRILLIANCE HORRIFIED RACIST, DURING THE RECONSTRUCTION ERA. IF THERE WAS ANYTHING A SOUTHERN WHITE FEARED MORE THAN BAD BLACK GOVERNMENT WAS GOOD BLACK GOVERNMENT. IF THERE WAS ANYTHING THEY FEARED MORE THAN A IGNORANT BLACK POLITICIAN, IT WAS A BRILLIANT BLACK POLITCIAN. SO IS HE NOT RECONSTRUCTING THE GOVERNMENT NOW? HISTORY REPEATING ITSELF AND HE KNOWS HE KNOWS HE RECONSTUCING IT. NORTH, SOUTH, EAST, WEST, WHITES ARE IN THIS KIND OF FEAR OF HIM. WHY HE KEEPS GOING? SIMPLE—HE KNOWS THAT IN THIS HISTORIC POSTION THERE ARE NO INNOCENTS IN HISTORY. HE IS WHAT HE SAYS YES TO AND WHAT HE SAYS KNOW TO AND HE IS NOT DEFINED BY HIS WISHES, ALIBIS OR GOOD INTENTIONS. BECAUSE HE IS A LEADER HE IS DEFINED ONLY AND SOLELY BY HIS DEEDS AS WELL AS OTHER LEADERS ARE. LASTLY HISTORY IS UNFAIR TO ALL AND NEVER CONFESSES AND STILL TAKES MORE FROM THE PEOPLE IT HAS TAKEN EVERYTHING. WHITES KNOW HE KNOWS THIS ALSO. ANOTHER REASON FOR THIS ABOVED DESCRIBED FEAR. BENNETT- PAGE 217 ISBN-978-087485-0079. WELCOME TO RECONSTRUCTION 2 YEARS 2008 TO 2012. BYE Y’ALL. LOVE ONE ANOTHER.

    • Anonymous November 10, 2012 at 4:28 am #

      Is this Adrian from Grambling

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