Paul Krugman, affectionately known as Kthug to liberal bloggers, is a world renowned Economist, Professor, Nobel Prize winner and op-ed columnist for the New York Times. Yesterday he took time out his busy schedule to wipe the floor with Romney’s Economic plan. In regards to the plan overall, Kthug said:
But Mr. Romney, it turns out, doesn’t have a plan; he’s just faking it. In saying that, I don’t mean that I disagree with his economic philosophy; I do, but that’s a separate point. I mean, instead, that Mr. Romney’s campaign is telling lies: claiming that its numbers add up when they don’t, claiming that independent studies support its position when those studies do no such thing.
In regards to Romney’s claim to have started as a small businessman:
It’s true that when Bain Capital started, it had only a handful of employees. But it had $37 million in funds, raised from sources that included wealthy Europeans investing through Panamanian shell companies and Central American oligarchs living in Miami while death squads associated with their families ravaged their home nations. Hey, doesn’t every plucky little start-up have access to that kind of financing?
In regards to the studies that Romney cites, he summarizes them for us. The first one says “America might gain two million jobs if China stopped infringing on U.S. patents” but there are no specifics on how Romney would be able to stop that infringement. The second study “suggested that growth in the energy sector might add three million jobs in the next few years” but those gains were under CURRENT policy and would happen no matter who is in the White House. The third study concluded that Romney’s plan “would lead to a large increase in the number of Americans who want to work”. Kthug says, regardless of whether he agress with this study’s conclusion (he doesn’t BTW), the problem to be fixed isn’t a lack of desire on the part of unemployed Americans. The problem is that there are millions more Americans seeking jobs than are available. So the third study is irrelevant.
Kthug concludes that without details and lying about what the evidence actually tells us, the only thing left to go on are Romney’s own remarks, particularly those made in supposedly private settings. During the Boca Raton fundraiser where Romney insulted half the nation, Mitt actually said that him being elected would be a big boost to the economy, no action required. This is like believing in fairies, the confidence fairy in Mitt’s case, then all will be well.
I’m far too grown up to believe in fairies. I also no longer believe slick sales pitches that try to sell me swampland. Let’s hope that the rest of America recognizes just how hollow Mitt’s plan and his promises actually are. Unfortunately it looks like about half the country DOES believe in the confidence fairy. So thank goodness we have experts like Kthug around to smack down the fairy tales being repeatedly touted by Romney and Ryan. Pass the message along if you can.