Recent Nobel laureate Paul Krugman uses his New York Times column (11/7/08) to answer the “many commentators” who
are urging Mr. Obama to think small. Some make the case on political grounds: America, they say, is still a conservative country, and voters will punish Democrats if they move to the left. Others say that the financial and economic crisis leaves no room for action on, say, healthcare reform. Let’s hope that Mr. Obama has the good sense to ignore this advice.
About the political argument: …Democrats…now have bigger majorities in both houses than the GOP ever achieved in its 12-year reign…. What about the argument that the economic crisis will make a progressive agenda unaffordable?… Could next year’s federal budget deficit reach $1 trillion? Yes. But standard textbook economics says that it’s OK, in fact appropriate, to run temporary deficits in the face of a depressed economy.
Daring to state that “the only thing [Obama] has to fear is fear itself,” Krugman’s “bottom line, then, is that Barack Obama shouldn’t listen to the people trying to scare him into being a do-nothing president.”
Read the new FAIR Media Advisory: Media Tell Obama–Don’t Be a Lefty Like Clinton: Rewriting the ’94 Election to Find a Centrist Moral (11/7/08)