Retraction: I was fooled by a hoax. A Republican political writer admitted this morning that he created the fake Google+ profile and post that are quoted here. When I posted the item at midnight, other sources were reporting the item as legitimate, too, but I was still inaccurate. If you want to know why I was so sure that it was really Krugman’s view, take a look at what he wrote in the New York Times just three days after the Sept. 11, 2001, terrorist attacks. I’m leaving this posted for more discussion of the topic — either Krugman’s view or the hoax itself — if anyone is interested.
Update: Krugman has made a statement on the hoax.
When an earthquake hit the east coast Tuesday, most people were just happy that there wasn’t much damage done. My favorite idiot economist was instead sorta lamenting the fact that there wasn’t more damage so that rebuilding could “stimulate” the economy more:
“People on twitter might be joking, but in all seriousness, we would see a bigger boost in spending and hence economic growth if the earthquake had done more damage.”
Yes, Paul Krugman is at it again. I’ve talked recently about how these Keynesian acolytes honestly believe that digging ditches and filling them back up helps the economy and I’ve also talked about their idiotic attachment to the notion that breaking things and then fixing them stimulates an economy.
If Krugman were right that random damage is good for the economy, then we ought to knock down cities just for the heck of it. All we’d need to produce full employment is turn loose the guys with wrecking balls.
It’s honestly hard to believe that anybody could still stick to the Keynesian religion. It hasn’t ever worked. It’s not going to ever work. It makes no sense.