There Will Be Mud: An Open Letter to Paul Krugman

In your opinion piece in the New York Times (There Will Be Blood) you seem to wonder, how came America to have the audacity to elect Libertarians, TEA PARTIERS! to Congress?  And what will happen if they (gulp) oppose the current administration’s policies?  What if they won’t “cooperate?”

Let me see if I can explain this civilly.  They think you are wrong.  They think Bernanke is wrong.  They think Obama is…wrong.  A principled position requires principled action.  The fact that this offends your sense of economic propriety is immaterial.  You could be right.  Pouring money into the economy, more than even Bernanke wants, could work.  A hell of a lot of people, not all of them toothless hillbillies, think not and they are prepared to act on those convictions.

For example, you note:

Indeed, far from being willing to help Mr. Bernanke’s efforts, Republicans are trying to bully the Fed itself into giving up completely on trying to reduce unemployment.

The Fed’s attempts to reduce unemployment are, to many of us, silly.  Pouring more money on the problem is precisely the problem.  Advocates of limited government are not motivated to starve the hungry and strip jobs from hard-working Americans.  They are motivated to feed the hungry and create jobs.  They just think that is better done by stopping the printing presses and getting government out of the way.

So spare us your diatribes about wanting to ruin the country for pure anti-Obama spite.  It is unbecoming to a Nobel Prize winner.  A better explanation is that your ideas are being questioned openly and you are losing the argument.  Welcome to America.

About Terry Noel

I am an Associate Professor of Management and Quantitative Methods at Illinois State University. My specialty is entrepreneurship.
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4 Responses to There Will Be Mud: An Open Letter to Paul Krugman

  1. Well said professor. Those of us who went to BUSINESS school wholeheartedly agree!


  2. Teri says:

    YES! I have grown quite weary of being characterized as, just as you put it, a “toothless hillbilly” simply because I see a flaw in the current administration’s economic plan. Thank you for being so concise in expressing my views!


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