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Tag: Paul Krugman

Despair, Exhausted Consumerist-Revolution Style

Paul Krugman wrote an article today that hits on something many have observed for quite some time: the spreading wave of despair and darkness over average Americans’ lives, in this case, particularly middle-aged whites. This is not a new revelation, but it is something mainstream economists and commentators like Krugman are starting to catch wind of in their thought, at least in the academic/statistical realm. On a side note, while eschewing any exacerbation of this problem by the left and then subsequently blaming the “volatility of right-wing politics,” he still makes some good points, without offering any solutions. Regardless, to point, Krugman writes this:

US in Depression and What it Means for the Church in America

The ‘D’ word is being uttered in the mainstream now. Despite whatever the media says concerning the ‘jobless recovery’ we’re in (which is a complete oxymoron) or the ‘summer recovery’ we’ve begun that Obama touted as truth last month, all indicators are pointing to the fact that the US is officially entering an era of economic depression, something not seen in my or my dad’s generation.

The numbers tell the story. A couple of articles in particular are pointing to this fact. One on CNBC, the other by Ambrose Evans-Pritchard of the Telegraph. In addition, even liberal, Keynesian economist Paul Krugman from the New York Times is calling this the beginning of the Third Depression, as I talked about in my last entry. He is dead wrong on how to fix it, but his diagnosis is correct.

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