Jan 26, 2010

I'm Speechless

Obama is going to announce a spending freeze.

Paul Krugman:

It’s appalling on every level.

It’s bad economics, depressing demand when the economy is still suffering from mass unemployment. Jonathan Zasloff writes that Obama seems to have decided to fire Tim Geithner and replace him with “the rotting corpse of Andrew Mellon” (Mellon was Herbert Hoover’s Treasury Secretary, who according to Hoover told him to “liquidate the workers, liquidate the farmers, purge the rottenness”.)

It’s bad long-run fiscal policy, shifting attention away from the essential need to reform health care and focusing on small change instead.

Hoover implemented a spending freeze in 1932. Does anything else need to be said?

1 comment:

Roy said...

Is anyone keeping track of the number of McCain's campaign promises Obama is delivering on compared to his own?