The Obama-Keynes Mystery

[Jefferson23]

I’m not alone in marveling at the extent to which Obama has thrown his rhetorical weight behind anti-Keynesian economics; Ryan Avent is equally amazed, as are many others. And now he’s endorsing the structural unemployment story too.

To those defending Obama on the grounds that he’s saying what he has to politically, I have two answers. First, words matter — as people who rallied around Obama in the first place because of his eloquence should know. Yes, he has to make compromises on policy grounds — but that doesn’t mean he has to adopt the right’s rhetoric and arguments. The effect of his intellectual capitulation is that we now have only one side in the national argument.

Second, since Obama keeps talking nonsense about economics, at what point do we stop giving him credit for actually knowing better? Maybe at some point we have to accept that he believes what he’s saying.

The question then is why. As I’ve tried to show many times, the facts overwhelmingly refute the anti-Keynes talking points. Neither the invisible bond vigilantes nor the confidence fairy have made an appearance. So why is Obama talking up those talking points?

in full: http://krugman.blogs.nytimes.com/2011/07/06/the-obama-keynes-mystery/

[joeybee12]

1. I agree, and i really do think that Obama believes this crap economic theory...

and it doesn't say much for his intelligence or intelelctual curiosity.

[MouseFitzgerald]

2. I'm just waiting for Krugman to finally wake the fuck up

and stop making these stupid articles where he acts bewildered by what Obama is doing. You would think Krugman would get it after the first, second, or thousandth time Obama adopts a right-wing policy position. He is not on your side Paul. He does not hold the same beliefs as you as he has demonstrated over and over again. I wish he would just call out Obama for what he is and stop this pathetic hand-wringing.

[Jefferson23]

3. I don't think Krugman is hand-wringing any longer:

Second, since Obama keeps talking nonsense about economics, at what point do we stop giving him credit for actually knowing better? Maybe at some point we have to accept that he believes what he’s saying.

Yet I do appreciate your greater point.