Ep. 3: Trump Is Right About Economics, Says Krugman
Contra Krugman
Tom Woods
4.7 • 824 Ratings
🗓️ 1 October 2015
⏱️ 27 minutes
🧾️ Download transcript
Summary
Paul Krugman says Donald Trump is right to question supply-side orthodoxy about taxation of the wealthy. And Krugman says it's a myth that cutting those taxes helps the economy.
Lots of great stuff in today's episode: even Keynesian researchers disagree with Krugman; it's not true that the job creation numbers under Obama are better than in the 1980s; and how Krugman can claim to be right no matter what happens.
Transcript
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| 0:00.0 | Contra Krugman, episode three. |
| 0:05.3 | Welcome to the podcast that takes apart Paul Krugman's New York Times column. |
| 0:10.1 | Join us as Tom Woods and Bob Murphy teach economics by uncovering and dissecting the arrows of Krugman. |
| 0:16.0 | Nobel Prize winner, newspaper columnist, and Destroyer of Nations. |
| 0:20.0 | It's time for Contra Krugman. |
| 0:24.2 | Welcome to the third episode of Contra Krugman. I'm Tom Woods here with Bob Murphy. Bob, we are back |
| 0:30.3 | talking about Paul Krugman again with this promised episode on the Donald Trump column. |
| 0:37.4 | Why don't you get us started with this by giving us the gist of what Kroogman is saying? He's saying that Donald Trump is right on economics. What can he possibly mean by that? |
| 0:48.2 | Well, sure. And this for listeners is the September 7th, 2015 column by Paul Krugman in the New York Times. |
| 0:55.9 | Trump is right on economics. |
| 1:05.1 | So he's, Krueman's basically saying that Donald Trump is right to question the supply-side orthodoxy that has so long characterized GOP establishment politicians, right? |
| 1:10.5 | That they all, you know, pay lip service to the fact of cutting taxes on rich people |
| 1:15.2 | and then the wonders of the market and get rid of that evil big government and just let |
| 1:19.3 | laissez-faire capitalism work. |
| 1:21.4 | And so Krugman is pleasantly surprised to see, number one, that Donald Trump is standing |
| 1:26.9 | up to those guys, but then, two, |
| 1:29.0 | that it's not hurting Trump's numbers, right? So Krugman is saying, okay, so this clearly is showing |
| 1:33.7 | us that actually the GOP rank and file never really cared that much about cutting taxes on the |
| 1:39.7 | upper 1%. That was always just because of the donors and the big backers of the GOP establishment. |
| 1:44.4 | So we can see that distinction. So that's one point that he makes. And then, of course, |
| 1:48.4 | Krugman goes on to agree with that to say, yeah, it's a complete myth that cutting taxes on rich |
| 1:53.9 | people boost the economy. And that's just been a talking point of these politicians getting |
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