Hypocrisy Redux

by Paul Krugman

The hypocrisy of the centrists: Just two weeks ago, the deficit was the great evil, and all the VSPs insisted that we needed fiscal austerity now now now. Then, magically, a big tax cut — increasing federal debt by more than the original Obama stimulus, and substantially raising the probability of making unaffordable tax cuts permanent — was the greatest thing since sliced bread.

Why, it’s almost as if all the concern about the deficit was a front for opposing anything progressives might want, to be dropped as soon as debt was being run up on behalf of conservative goals. But that can’t be true, can it?

In a way, I almost welcome the frankness of someone like Ron Paul, who tells us that there’s no need for any kind of bank regulations. It’s crazy, of course — even Adam Smith called for bank regulations, comparing them to building regulations designed to prevent the spread of fires. But at least the guy’s consistent.