Paul Krugman, new wine in an old bottle. He writes: “Truly, Donald Trump knows nothing. He is more ignorant about policy than you can possibly imagine, even when you take into account the fact that he is more ignorant than you can possibly imagine. But his ignorance isn’t as unique as it may seem: In many ways, he’s just doing a clumsy job of channeling nonsense widely popular in his party, and to some extent in the chattering classes more generally.
Last week the presumptive Republican presidential nominee — hard to believe, but there it is — finally revealed his plan to make America great again. Basically, it involves running the country like a failing casino: he could, he asserted, “make a deal” with creditors that would reduce the debt burden if his outlandish promises of economic growth don’t work out.
The reaction from everyone who knows anything about finance or economics was a mix of amazed horror and horrified amazement. One does not casually suggest throwing away America’s carefully cultivated reputation as the world’s most scrupulous debtor — a reputation that dates all the way back to Alexander Hamilton.”
Note to all Republicans and Rednosed Democrats:
“A country is not a business and the skills and knowledge needed to run a country are not the same as those needed to run a business.
Businesses can’t print money, can’t set a benchmark interest rate, don’t provide public goods, can’t compel every citizen to contribute to public goods through taxation and can’t take a nation to war or peace or to sign a treaty with another nation. Public finances are not the same as private finances. Also unlike military leaders who know sacrifice and have been humbled by complexities, business leaders are more likely to have been enticed to rig the game in their favour or underappreciate the luck and external factors that supported their success than others….
So beware of business leaders masquerading as political leaders if they lack a strong eye for detail, humility in their depth of understanding, appreciation for technical knowledge and a strong willingness to learn and adapt.”