Ep. 69 This Is Why Our Podcast Exists: Krugman Literally Says Deficits Matter Again — at the Very Moment a Republican Takes Over

11 January 2017     |     Tom Woods     |     10

Krugman actually had the nerve to write a column called “Deficits Matter Again.” We demolish this column. We prove beyond a shadow of a doubt that Krugman is simply a hypocrite, despite his protestations to the contrary. His reasons for why the deficit suddenly matters were all in effect months ago, yet back then Krugman didn’t care about the deficit at all.

We got him. And we also teach some economics.

Krugman Column

Deficits Matter Again” (January 9, 2017)

Contra Columns

When the White House Changes Party, Do Economists Change Their Tune on Budget Deficits?,” by Brett Barkley
Does “Depression Economics” Change the Rules?,” by Bob Murphy
Krugman’s Case for Deficits Flip Flopped IN EIGHT WEEKS,” by Bob Murphy

Contra Media

Episode 33: Carlos and Bob Read the Intel Report on Russian “Hacking (Lara-Murphy Podcast)

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  • Nathair /|

    The only way he could be any more blatantly partisan is if he titled it “Deficits will matter again on two weeks.”

  • Eric

    The MSM and “adults in charge” had better be careful. The more they protest Trump the more he looks like a political Rocky Balboa. Americans love rooting for the underdog. Three quarters of all the Hollywood pitches start out with “A plucky outsider takes on the evil (fill in the blank).” George Lucas built an empire around the idea. My inner conspiracy nut wants to believe they all know this and are complaining on purpose just to keep the story moving. But that would require someone pulling the strings at all the news outlets. And there’s no way that could happen, right?

  • tgmolitor

    Krugman is an arsonist who sells homeowner’s insurance.

  • Jimmy S.

    Good podcast.

  • batymahn

    I would pay you to change your title: “More Fake News from Krugman: Deficits Matter”!

  • Ralph Musgrave

    Krugman is right. He said that deficits don’t matter in a recession, but they are dodgy when the economy is at or near full employment. Quite right.

    • http://www.TomWoods.com Tom Woods


      (1) We addressed that claim and showed it’s short-sighted: deficit spending still causes problems and “depression economics” does not in fact change the rules; and

      (2) His evidence that we’re at full employment are numbers that haven’t changed in months, yet just 8 weeks ago he was saying we still needed deficit spending.

      Nice try. Next time, listen before commenting.

  • Michael P
  • M. Krebs

    Well lookie here. A self-employed Hillsdale College grad and a podcast host/Mises Institute “Senior Fellow.” Hilarious.

    • http://www.TomWoods.com Tom Woods

      You have a weird sense of humor.

      Bob’s a professor at Texas Tech.

      I do have a few credentials: http://www.tomwoods.com/about

      Feel free to link to yours.

      As soon as you can answer our arguments, you let us know. Good luck. The reasons Krugman says everything is different now are actually reasons that have been the same for months. I would absolutely love to see you defend that.