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Paul Krugman @paulkrugman
, 6 tweets, 2 min read Read on Twitter
Justin Fox is justifiably angry at supposedly respectable Republican economists making blatantly dishonest arguments to pretend that we have an entitlement crisis, and that tax cuts have nothing to do with deficits 1/ bloomberg.com/view/articles/…
But this isn't new. Way back in Obama's first term, Taylor kept insisting that Obama was presiding over a huge expansion of government spending, when he has to have known full well that this was just not true 2/ krugman.blogs.nytimes.com/2011/04/27/202…
There was a temporary rise in spending as a share of GDP during the economic crisis -- but this was partly because GDP was down, partly because safety net programs like unemployment insurance and food stamps went up. And it came down, as expected
True, spending is now slightly higher than before the crisis. But that's basically demography: with retiring baby boomers, you expect more spending on Social Security and Medicare (the US govt is an insurance company with an army) 4/
In fact, the amazing thing is how little spending has risen -- the modest additional costs from Obamacare were more than offset by the slowdown in Medicare spending. 5/
Anyway, the point is that these guys have been deliberately misleading the public, exploiting their professional reputations to shill for a political agenda, for many years. Nobody should be surprised to see them do it again 6/
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