Of course, he's using Britain as the prime example of vindication. What's great though is that yesterday Krugman really rained on his parade.
"“The depressing effect of austerity in a slump is, in short, as clear a story as anything in the annals of economic history. But the austerians were never going to admit their error. (In my experience, almost nobody ever does.) And now they’ve seized on the latest data to claim vindication, after all. You see, some austerity countries have started growing again. Britain appears to be experiencing a significant bounce; Ireland has finally had a decent quarter; even Spain’s economy is showing faint signs of life. And the austerians are holding victory parades.”
"“Britain’s recent growth doesn’t change the reality that almost six years have passed since the nation entered recession, and real G.D.P. is still below its previous peak. Taking the long view, that’s still a story of dismal failure — as I said, a track record worse than Britain’s performance in the Great Depression.”
http://www.nytimes.com/2013/12/20/opinion/krugman-osborne-and-the-stooges.html?_r=0&hp=&adxnnl=1&rref=opinion&adxnnlx=1387560395-vBcpL8Wn94AoGEN9tDxq9g
Sumner affects to never being so 'puzzled' by a Krugman post in his life. Yes, the idea that austerians have not been vindicated is mind blowing for him. I get why Sumner doesn't like having his austerity victory parade rained out. When I point this out, he predictably gets all peevish and plays the usual defense 'I'm right because you're an moron and I don't like you!'
"Mike Sax, Sometimes I wonder if you are a complete moron, or just pretending to be one.
"“The depressing effect of austerity in a slump is, in short, as clear a story as anything in the annals of economic history. But the austerians were never going to admit their error. (In my experience, almost nobody ever does.) And now they’ve seized on the latest data to claim vindication, after all. You see, some austerity countries have started growing again. Britain appears to be experiencing a significant bounce; Ireland has finally had a decent quarter; even Spain’s economy is showing faint signs of life. And the austerians are holding victory parades.”
"“Britain’s recent growth doesn’t change the reality that almost six years have passed since the nation entered recession, and real G.D.P. is still below its previous peak. Taking the long view, that’s still a story of dismal failure — as I said, a track record worse than Britain’s performance in the Great Depression.”
http://www.nytimes.com/2013/12/20/opinion/krugman-osborne-and-the-stooges.html?_r=0&hp=&adxnnl=1&rref=opinion&adxnnlx=1387560395-vBcpL8Wn94AoGEN9tDxq9g
Sumner affects to never being so 'puzzled' by a Krugman post in his life. Yes, the idea that austerians have not been vindicated is mind blowing for him. I get why Sumner doesn't like having his austerity victory parade rained out. When I point this out, he predictably gets all peevish and plays the usual defense 'I'm right because you're an moron and I don't like you!'
"Mike Sax, Sometimes I wonder if you are a complete moron, or just pretending to be one.
I wonder if you realize that quoting Krugman saying the current British slump is worse than the Great Depression simply makes him look bad. You aren’t doing him any favors"
As if Krugman needs any favor from Sumner! For the record, Britian's GDP has performed worse than it did in the Great Depression.
The other argument Sumner is trying to make is that the problems in Britian are largely structural. This is the same argument that's been used in the Euro for 5 years, for all the pain in Greece and Spain. It's all structural-so the answer is not less austerity but more!
With austerians like Sumner, it's always a good time for more austerity. Listen to the excitement in his voice as he contemplates all the people getting kicked off of UI this year.
It's going to be an extra special Christmas for Scott Sumner this year no doubt:
"There is some interesting recent commentary over North Carolina’s reduced UI benefits (here and here). I’m waiting until we have more data before I chime in. I’m an agnostic on the issue, and don’t even know if state level results would carry over to the national level. In 2014 we may get a similar experiment at the national level."
"Update: Kebko’s lastest update on North Carolina is fascinating."
"PPPPS. Off topic, but file this under “It’s good to be the king.” King Obama has waved what the Supreme Court has ruled is a tax, for lots of Americans. What a nice Christmas present!"
First of all, President Obama is duly and constitutionally elected. He serves at the pleasure of the American people. Sumner is tyring to make it sound like he's somehow usurped this role. How then? Have his actions been contrary to the Constitution-3 years of Darrell Issa's wasteful investigations have found nothing. In this issue of Obamacare he's certainly not usurped or gone beyond his constitutional role. So that by Sumner is just obnoxious. He's not a king but he is our President.
I like the way Sumner says its a nice Christmas present-yeah what about all those people being kicked off of UI both in NC and at the federal level? However, no doubt, Sumner considers that a pretty nice Christmas present too. He's really looking forward to it-you can see.
Yes, he even calls it 'fascinating.' I'm sure he's probably humming right now. It's the most wonderful time of the year!!!!
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