Letter to the Editor

Economic fantasies

San Luis ObispoJanuary 29, 2014 

Paul Krugman is finally right! The undeserving rich are truly his liberal Democrat Manhattan banker and stockbroker friends. Crony capitalists are a big part of the problem, but Krugman’s Manhattan universe does not reflect the other 99 percent of America.

The straw man of wage stagnation is exposed, but the real dragon of currency debasement and intentional inflation caused by continually printing money is ignored. The destruction of the actual purchasing power of the poor is ignored.

Declining support for education? Maybe in Manhattan, but in the rest of America, we have spent more money to achieve less. Government help for students has resulted in massive student debt mismatched to the jobs needed to repay the debt.

Krugman flippantly dismisses family values like education, marriage, stability, temperance, hard work and dedication as meaningless solutions. Krugman says “nothing takes a toll on family values like lack of employment.” Actually, not being married or any of the values in the previous paragraph takes a bigger toll. Krugman repeating Democrat talking points doesn’t help anyone.

Economic reality — not economic fantasies — is the solution; Krugman does not understand the Austrian school of economics, so he cannot be of any help whatsoever.

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