What, And Who, Killed The Economy?

Paul Krugman and Robin Wells, writing for Salon, sum it up: it’s the dramatically widening inequality of incomes… and plain and simple GOP ignorance, “failing Econ 101,” as they put it. Here’s a sample:

So how did we end up in this state? How did America become a nation that could not rise to the biggest economic challenge in three generations, a nation in which scorched-earth politics and politicized economics created policy paralysis?

We suggest it was the inequality that did it. Soaring inequality is at the root of our polarized politics, which made us unable to act together in the face of crisis. And because rising incomes at the top have also brought rising power to the wealthiest, our nation’s intellectual life has been warped, with too many economists co-opted into defending economic doctrines that were convenient for the wealthy despite being indefensible on logical and empirical grounds.

We can keep on pursuing this course until the nation’s… and the world’s… economies collapse. Or we can “suddenly” remember that we’ve been here before, in the second half of the 1930s, and that we know how we got out of the Great Depression. I could say “the choice is ours,” but hey, it’s not as if we had a democracy or anything… [/snark]

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