Today’s Tom Woods Letter, which all the influential people receive every weekday. Be one of them.
Only stupid idiots care about the national debt.
That’s Paul Krugman’s more or less explicit point this week.
Climate change threatens to destroy civilization, and we’re worried about the national debt?
Sure, someday we may have to cut back on spending, Krugman admits, but that day is way, way in the future. For now, only a fool worries about the debt.
Krugman then goes on to share a chart purporting to show only modest levels of debt increase in the coming years.
Of course, he doesn’t dare share the figures calculated by the Congressional Budget Office (CBO), the source pundits most often cite. Those numbers — as Bob and I note in this week’s episode of Contra Krugman — are pretty grim.
Yet even the CBO’s numbers are too optimistic, because they rely on the assumption that the U.S. will remain recession-free until 2026. That means we will have had 207 straight months of economic growth — twice the length of any previous expansion in American history.
You’re not buying that? Neither are we.
Krugman gets smacked down hard this week. As always, you can enjoy this intellectual pleasure for free: