West is wrong about debt problem
To the Editor:
This is in response to West Words “Future Wealth” in the May 20 Record.
Apparently, Mr. West has jumped on the Michelle Bachman bandwagon of coupling liberals with socialists. Not only am I a liberal, but now I’m a socialist. Who knew?
He references Dr. Paul Krugman, an op ed columnist for the New York Times. He is the 2008 Nobel Prize winner for economics. He is for stimulus for the short term, long- term debt reduction and tax reform. He advises stimulus which is large enough to make a difference, unlike the last one, because the private sector is not spending. They’re not spending because there is little demand. The real job creators are the middle class. Therefore, the government takes up the slack.
Conservatives don’t like Krugman because he doesn’t believe in the myth of supply side economics. Austerity cuts have made Europe economies worse.
West also said, “Greece has had to adopt austerity measures, paying down its national debt. The Greek jobless rate has soared to 21 percent.” It proves my point.
What did you think would happen? Forget Greece. Look at Japan, mid 90s. Housing bubble; financial collapse. Sound familiar? Stagnant economy for over a decade. — John Snell, Motley