By PAUL KRUGMAN
Published: March 31, 2011
I know he's one of the "smartest men in the room" people, but someone ought to tell him the emperor has no clothes. His plans are worse than moronic, they are downright dangerous, if only because for some idiotic reason people listen to him. I guess he must have failed as a financial planner (er, sorry "wealth manager") so he thought he'd try his hand at economics.
Here is but one small sample of how out of touch this guy is...:
"....why would lower wages promote higher employment?"
Really, he said that. Worse yet, he WROTE that, by which I mean he might have thought it in a flash, but anyone with a half a brain would have realized how nonsensical it would have sounded and thought better about actually saying it (i.e., better to not say anything and be thought a fool than to speak and remove all doubt). But, no he actually pecked out that sentence on a computer and one would assume he proof read it before submitting it, so he likely wrote and read it (at least once). And yet, he allowed that sentence to be published.
I don't want to insult anyone's intelligence by pointing out that higher wages do, in fact, lead to higher unemployment, especially among entry level employees, so I won't. I also won't point out that if a business doesn't have to pay each employee as much per person, they might actually be able to afford to hire a couple more people and those couple more people would generate even more revenue. And that the greater revenue might lead to greater profit and eventually expansion and the creation of even more jobs... No, I don't want to insult anyone who might read this by pointing out such a simple, basic, business principle as that!
I can only think of one thing when I read that column. Moron.