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Krugman on the Depressing State of the U.S.

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Posted on Jul 14, 2009

Stephen Colbert interviews Nobel Prize winner and New York Times columnist Paul Krugman on the state of the U.S. economy, and let’s face it, things are looking pretty crappy. Check out this clip from Monday’s “Colbert Report.”

The Colbert Report:

The Colbert ReportMon - Thurs 11:30pm / 10:30c
Paul Krugman
Colbert Report Full EpisodesPolitical HumorJeff Goldblum


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By Chris, July 16, 2009 at 8:14 pm Link to this comment
(Unregistered commenter)

I don’t hate Krugman but he is stating the obvious. America, along with the rest of the world, continues to sink slowly into the economic abyss. The problems CIT is experiencing proves there are no “green shoots” or “bottom” anytime soon. Permanent economic damage has been done that can’t be fixed (e.g. depleted 401Ks, Job sector destruction such as retail, finance, and construction).

Politicians and the so-called mainstream media (e.g. CNN, FoxNews, NY Times) continue to not acknowledge or “water down” the severity of the economic tailspin. There have been a few brave souls such as Gerald Celente, Mish Shedlock, Michael J. Panzner, Nassim Nicholas Taleb and others but I don’t think Americans have come to grips with the fact that “it isn’t going to be okay”. I could be wrong but I think the BRIC countries are going to be running most of the planet whenever this crisis ends and the U.S. is going to be a “second stringer”.

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By 911truthdotorg, July 15, 2009 at 10:39 pm Link to this comment

“There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology. It was replaced by a mythical “New Economy.”

“Nothing in Obama’s economic policy is directed at saving the US dollar as reserve currency or the livelihoods of the American people. Obama’s policy, like Bush’s before him, is keyed to the enrichment of Goldman Sachs and the armament industries.”

Paul Craig Roberts was Asst Treasury Sec under Reagan.

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By freedom loving american, July 15, 2009 at 4:23 pm Link to this comment

I sure would sleep better if he was the Secretary of the Treasury. One of the few very pundits that both knows and speaks the truth.

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By KDelphi, July 15, 2009 at 10:35 am Link to this comment

I have to agree. We dont need “another stimulus bill”. We need regulation, a living wage, universal health care, better, lower cost housing,etc.

To get any of this, we need a second political party—I say second, because what we have now, is one party corporate rule.

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By Max Shields, July 15, 2009 at 9:41 am Link to this comment

Yes, Krugman’s problem is how he frames the problem. It is, for all his dour comments, simply a fall off the high-times into the abyss, “slowly”.

There is no criticism of the high-times as built on boom and bust cycles which were never sustainable and have done tremendous harm to the lives of so many..think endless wars, and the near end of much of life on the planet through the means of rape which is known as neoliberalism (even before that term had entered the fray).

I agree that his remarks are disingenous because his world view does not provide us with the core problem, the root cause which is not too simply throw money at a dead body - and of course not the banksters. But the turn away from the ever increasing industrialization (which has been mostly off-shored) to bubble finance speculation simply exaserbated an unsustainable problem.

The part is over. And it’s time to find a new way, not bang our heads (or hang them) against the wall of what was “lost”. The only loss is the illusion of something that kept a smaller and smaller number of people in control (and so far, from what I can see they still steer the ship.)

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By race_to_the_bottom, July 15, 2009 at 9:00 am Link to this comment
(Unregistered commenter)

How pathetic. He had nothing important to say. But I shouldn’t have been too surprised. After all, he is paid by the NY Times, one of the greatest defenders of the status quo. And the Nobel for economics was once also conferred on Milton Friedman, so that doesn’t mean shit. The one economist who really has a grip on this thing and what to do about it is Michael Hudson, whose articles can be found on the web, but not in the NY times or the Washington Post for the simple reason that his truthful explanations and solutions step on some very powerful toes, something Krugman will not do. Krugman dances around the topic because he is, in the final analysis, serving his master.

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By liecatcher, July 14, 2009 at 6:43 pm Link to this comment

Paul Krugman :Krugman on the Depressing State of the U.S.
It is certainly very depressing to listen to his

gibberish when so many lives are at risk & the White

House policies continue to enrich the banksters &

impoverish we the people.

It’s hard to imagine why anyone would buy his book.

At least he didn’t say things will get a lot worse

before they get better because he knows it can only

get worse. He’s not a moron, just disingenuous.

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