Albert L. Sidell: ‘Political hack’ Krugman defeats his own argument
Re “Obama part of economy’s bigger picture” (Opinions, Jan. 6): The article by New York Times columnist Paul Krugman was the most humorous thing I have read in ages. One would expect a learned treatise from a Nobel Laureate, but if you don’t take it at face value it is humorous.
Krugman states most economists believe the President’s effect on the economy is “not much” unless they are being “political hacks.” Then he explains how President Obama’s admitted failed policy may have helped the recovery. Has not Krugman just fit his very own description of a “political hack”? By calling others hacks he implies he is not one, though he proved he is by his own words. It is laughable.
Krugman goes on to marginalize President Ronald Reagan by stating “Mr. Volker was responsible for both the slump and the boom.” OK Krugman, it then follows that former Federal Reserve Chairman Ben Bernanke is responsible for the housing boom and financial bust. No cherry picking. If the Fed was responsible then, it is responsible now. It is truly hard to get past the arrogance to get to the irony. Maybe it is time to get rid of the Fed.
Albert L. Sidell, Waterford
This story was originally published January 14, 2015 at 11:24 AM with the headline "Albert L. Sidell: ‘Political hack’ Krugman defeats his own argument."