Delusional Paul Krugman: Nancy Pelosi is the greatest speaker of modern times
In his recent column in The New York Times, Paul Krugman declared that former Speaker of the House Nancy Pelosi “was the greatest speaker of modern times.”
Even considering the biased positions Krugman always takes, this view seems laughable.
Krugman says that the GOP has nothing positive to run on in the November elections.
That statement alone is delusional. Krugman says that the tax cuts “remains remarkably unpopular.” The reality is that the tax cuts are part of President Trump’s plan to accelerate economic growth.
Economic growth is sorely needed. During the Obama administration, economic growth averaged just above 2% annually. In fact, Obama is the only president in history to serve a term in office without having at least one year with annual economic growth of at least 3%.
Trump eliminated the thousands of counterproductive regulations that Obama put in place.
Since taking that action economic growth has exceeded 3% annually. Then Trump convinced Congress to pass the largest tax cut in history. The tax cut took effect this past January. By April the economy was growing at more than a 4% rate.
Unemployment is at historical lows. Workers paychecks have increased. Business investment is up. The GOP will gladly run on the tax cut which is overwhelmingly popular, in spite of Krugman’s overly biased view.
Krugman also says that the GOP is not talking about trade wars. Quite the contrary.
The purpose of Trump’s imposition of tariffs is to create a sense of urgency to bring our trading partners to the bargaining table. Without that, the trading partners would let the current situation continue because the current trade deals strongly favor our trading partners at the expense of the US.
Short-term pain for long-term economic gain
While the mainstream media likes to publicize the small amount of short-term pain, most people see the long-term gain. Already the European Union has agreed to work toward a zero tariff policy. Mexico and China are also talking about new trade deals. Unbiased Americans can see the benefit in this and the GOP will gladly run on winning the trade war.
Krugman says that the only thing the GOP can run on is to bash Pelosi.
Paul Krugman says Pelosi was the greatest speaker because of what she achieved.
Krugman notes that Speaker Pelosi was successful in turning back President Bush’s attempt to privatize Social Security. Most Americans want Social Security privatized since many Americans are paying in more than they will ever get out. They prefer to have their own retirement account.
If it wasn’t for Pelosi maybe we would have a long-term solution to the nearly bankrupt Social Security system.
Nancy Pelosi and the Affordable Care Act
Then Krugman says that Pelosi was the “key figure, arguably more crucial than Obama in passing the Affordable Care Act (ACA), which produced a spectacular fall in the number of uninsured Americans.”
Is he kidding?
The ACA increased the Americans who had health insurance from 85% of the population to 91%. That 6% increase amounted to about 20 million Americans, hardly a “spectacular fall in the number of uninsured.”
Meanwhile, 280 million Americans paid much higher premiums, had fewer choices when choosing a doctor or hospital and experienced longer wait times to see a doctor. The ACA has been a disaster for the vast majority of Americans and both parties say that the law has to be either changed dramatically or eliminated.
Nancy Pelosi and the Obama Stimulus Plan
Krugman notes that she helped pass Obama’s massive stimulus plan which increased the annual deficit to $1.4 trillion. Even in his last year, the deficit was still about $500 billion. Plus the stimulus package failed to stimulate anything. While Krugman says that “economists overwhelmingly agree (the stimulus) mitigated job losses…. As well as laying the foundation for a green energy revolution.”
That’s delusional. Most economists agree the Obama stimulus failed to do anything except create huge deficits.
Pelosi also helped Obama pass the Dodd/Frank bill which stopped banks from making what Obama called predatory loans. The law also restricted all bank lending. Without bank lending, Monetary Policy is not effective, which explains why the massive increase in the money supply failed to stimulate economic growth.
“Looking at modern House speakers,” Krugman concluded, “ Pelosi stands out as a giant among midgets.”
Even delusional Economist Paul Krugman can’t put a positive spin on Nancy Pelosi’s terrible record as Speaker.
The GOP is happy to run on its record, especially the very popular tax cut, which saw not a single Democrat supported. The GOP is also happy to run against Nancy Pelosi’s positions.
Look for a real red wave this November.
Michael Busler, Ph.D. is a public policy analyst and a Professor of Finance at Stockton University where he teaches undergraduate and graduate courses in Finance and Economics. He has written Op-ed columns in major newspapers for more than 35 years. @mbusler www.facebook.com/fundingdemocracy