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Paul Krugman gets his ass handed to him by the Latvian PM...

El Tiburon

User ID: 28375544
United States
03/15/2013 03:59 PM

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Paul Krugman gets his ass handed to him by the Latvian PM...
POLL: Who is the bigger douche bag?
 Paul Krugman
 Chris Matthews
 Bill Mahr
 Blank (View Results) 

Video at link...
Latvia= the fastest growing economy in Europe.
Suck a lemon Krugman, you commie pinko turd.

[link to www.cnbc.com]

Krugman Can't Admit He Was Wrong on Austerity: Latvia PM

Latvia's Prime Minister hit back on Friday at Paul Krugman's criticism of Latvia's austerity measures, saying the Nobel Prize-winning economist has "difficulty admitting his own mistake."

"Krugman famously said back in December 2008 that Latvia is the new Argentina, it will inevitably go bankrupt, and now he has difficulty apparently admitting he was wrong and so he tries to seek some problems in how Latvia is recovering from the economic crisis," Latvian leader Valdis Dombrovskis told CNBC in an interview at the EU summit in Brussels.

"But I think that the mere fact that for the last two years we are enjoying rapid growth shows that it was probably the right strategy."

Latvia's government undertook a heavy dose of austerity after a credit boom led to an economic crash in 2008. The government undertook the biggest fiscal adjustment drive of any country in the European Union and gross domestic product (GDP) plunged 24 percent in 2009.

This commitment to fiscal prudence, and Latvia's subsequent growth of 5.5 percent in 2011 and 4.5 percent in 2012, has led the country to be feted by proponents of austerity, such as German Chancellor Angela Merkel.
Anonymous Coward
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03/15/2013 06:03 PM
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Re: Paul Krugman gets his ass handed to him by the Latvian PM...
I see this thread didn't go too far.

I like Paul as an individual, but he is a bit pissy towards those who don't agree with him.

Just the same, what Krugman contents is that by taking away the social safety net and cutting the handouts, those who suffer the most are those who can least afford it. Fair enough. If the economy were to grow again, the increase in revenues would reduce the debt without having the pain of social cutbacks. Fair enough again. However, government spending to keep a sinking ship afloat only increases the size of government without any measurable gain in true economic worth, and getting government out of the way in deference to the private sector is the way to go. As the Latvian example shows, it's better to endure the pain rather than suffer the addiction to the pain medication...