Mercury Rising 鳯女

Politics, life, and other things that matter

Krugman on Obama’s Planned Social Security Sellout

Posted by Phoenix Woman on July 9, 2011

There have been a lot of comments about President Obama’s plan to sell out Americans and make drastic cuts to both Medicare and Social Security and make catfood the staple of most elderly persons. But I think I’ll settle for citing Paul Krugman’s:

But let’s be frank. It’s getting harder and harder to trust Mr. Obama’s motives in the budget fight, given the way his economic rhetoric has veered to the right. In fact, if all you did was listen to his speeches, you might conclude that he basically shares the G.O.P.’s diagnosis of what ails our economy and what should be done to fix it. And maybe that’s not a false impression; maybe it’s the simple truth.

One striking example of this rightward shift came in last weekend’s presidential address, in which Mr. Obama had this to say about the economics of the budget: “Government has to start living within its means, just like families do. We have to cut the spending we can’t afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs.”

That’s three of the right’s favorite economic fallacies in just two sentences. No, the government shouldn’t budget the way families do; on the contrary, trying to balance the budget in times of economic distress is a recipe for deepening the slump. Spending cuts right now wouldn’t “put the economy on sounder footing.” They would reduce growth and raise unemployment. And last but not least, businesses aren’t holding back because they lack confidence in government policies; they’re holding back because they don’t have enough customers — a problem that would be made worse, not better, by short-term spending cuts.

[…]

Mr. Obama’s people will no doubt argue that their fellow party members should trust him, that whatever deal emerges was the best he could get. But it’s hard to see why a president who has gone out of his way to echo Republican rhetoric and endorse false conservative views deserves that kind of trust.

Exactly.

(Crossposted to Renaissance Post.)

2 Responses to “Krugman on Obama’s Planned Social Security Sellout”

  1. jo6pac said

    Yep, my 99 weeks are up in mid Nov. and then being 63 I’m going to SS. This is beginning to look like I might have to start selling the veggies I raise to pay the few bills I have. I’m not surprised with 0 because along he’s be reviving the ronnie ray gunne legacy and he did bring up ronnie in his acceptance speech. I’m surprised at how many people thought that he was the second coming which he was but not to save the middle class but to finish it off. The problem of being able to buy the very best congress and wh is just about finished us off.

  2. Charles II said

    The government should budget the way that families do… but it should remember that all of us, and not just campaign donors, are part of the family. Families do borrow for important things: a home, a car, college for the kids, a medical emergency. And they borrow from one another in times of economic hardship.

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