Wednesday, February 17, 2016

Krugman Smashes Bernie Sanders Economic Projections

There is some fun Bernie bashing on the left.

As a follow up to the open letter by four Presidential Economic Advisers blasting Bernie Sanders claims, Paul Krugman takes a nice swipe at Bernie:
The open letter to Sanders and Friedman by former CEA chairs didn’t get into specifics, and I’m already hearing from Bernie supporters accusing them of arrogance, or high-handedness, or something. But here’s what Friedman has said, in what the campaign’s policy director calls “outstanding work”:
– Real growth at 5.3 percent a year, versus a baseline of around 2
– Labor force participation rate back to 1999 level
– 3.8 percent unemployment
OK, progressives have, rightly, mocked Jeb Bush for claiming that he could double growth to 4 percent. Now people close to Sanders say 5.3???...
The point is not that all of this is impossible, but it’s very unlikely — and these are numbers we would describe as deep voodoo if they came from a tax-cutting Republican.
Sanders needs to disassociate himself from this kind of fantasy economics right now. 

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