Paul Krugman mocks conservative inflation truthers

The New York Times columnist's take on whether right-wing economists will ever learn: "Hahahahaha"

Topics: The New York Times, Paul Krugman, Inflation, Conservative, GOP, Republican Party, Gold Standard, Ayn Rand, Interest Rates, Great Recession, Ideology, , ,

Paul Krugman mocks conservative inflation truthers Paul Krugman (Credit: Screen shot, Bloomberg)

In his latest column for the New York Times, award-winning economist and popular liberal pundit Paul Krugman argues that no amount of evidence will ever make inflation-obsessed conservative economists come to their senses, mainly because their opposition to aggressive monetary policy is based on an ideological opposition to government rather than facts.

“Needless to say, it’s not the first time a politically appealing economic doctrine has been proved wrong by events,” Krugman writes in reference to the low interest rates and levels of inflation that have defined the recovery-era economy, despite conservative warnings that government action to save the economy would cause financial ruin.

“So those who got it wrong went back to the drawing board, right?” Krugman jokes. “Hahahahaha.”

The reason he laughs, Krugman writes, is because “money is indeed a kind of theological issue” for conservatives, even if the uninitiated would think it more a “technical” matter. “Many on the right are hostile to any kind of government activism, seeing it as the thin edge of the wedge,” Krugman writes, “if you concede that the Fed can sometimes help the economy by creating ‘fiat money,’ the next thing you know liberals will confiscate your wealth and give it to the 47 percent.”



This irrational and stubbornly political view of policy, Krugman claims, is so powerful within the GOP that the inflation doomsayers are “gaining strength even as [their] predictions keep failing.” Krugman continues:

Can anything reverse this descent into dogma? A few conservative intellectuals have been trying to persuade their movement to embrace monetary activism, but they’re ever more marginalized. And that’s just what [this] article would lead us to expect. When faith — including faith-based economics — meets evidence, evidence doesn’t stand a chance.

Elias Isquith

Elias Isquith is an assistant editor at Salon, focusing on politics. Follow him on Twitter at @eliasisquith, and email him at eisquith@salon.com.

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 11
  • Close
  • Fullscreen
  • Thumbnails

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott and the friends with whom he recorded in middle school in Texas (photo courtesy of Dan Pickering)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Heatmiser publicity shot (L-R: Tony Lash, Brandt Peterson, Neil Gust, Elliott Smith) (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott and JJ Gonson (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    "Stray" 7-inch, Cavity Search Records (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott's Hampshire College ID photo, 1987

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott with "Le Domino," the guitar he used on "Roman Candle" (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Full "Roman Candle" record cover (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott goofing off in Portland (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Heatmiser (L-R: Elliott Smith, Neil Gust, Tony Lash, Brandt Peterson)(courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    The Greenhouse Sleeve -- Cassette sleeve from Murder of Crows release, 1988, with first appearance of Condor Avenue (photo courtesy of Glynnis Fawkes)

  • Recent Slide Shows

Comments

Loading Comments...