Then there are the cadres of economists who have failed utterly and absolutely to explain to America the greatest single insight of 20th century economics — the one upon which the global economy was rebuilt after World War II, by Keynes. That inequality produces stagnation, which fuels a sense of resentment and anger, that turns people towards strongmen, which results in fracture, authoritarianism, and ultimately, war. I have not seen a single article or essay by a noted economist explaining that sequence of ruin to the American people — who therefore remain unfortunately ignorant of it — not once, ever. Have you?
Krugman writes for a small rag called the New York Times.
They are not alone, but economics isn’t sexy and is considered highly political. Therefore 49% percent of the country wouldn’t believe a thing either of them say. In fact, it’s so easy to lie with statistics you can get the economics you prefer any time of the night or day.
And it’s hard to fit economics into a 400-page book, let alone a bumper sticker. The bumper sticker is going to win. MAGA!
We must learn from our mistakes — we cannot simply keep on using ideas that no longer work.
Krugman’s most recent article is on this very subject. Nobody right of center will ever see it. He’s shouting against a gigantic rightwing media industrial complex that has a vested interest in making sure people believe that cutting taxes is always a good thing. The poverty and desperation of their audience is a feature, not a bug.
There are challenges out there, but I refuse to give in to despair. I plan to go down fighting if down is where we are going. But I’m not entirely sure that all is lost. It’s not over until it’s over — and it is very far from over.
