This blog is for discussing issues in our complex global economy.
Paul Krugman and John B. Taylor debated the origins of the financial crisis and President Obama’s proposed health care plan.
I enjoyed Krugman’s argument. The government needed to nationalize the banks and they still haven’t. I think were really suffering because they didn’t take power like suggested and now were just stuck “hoping that it will improve.” I liked that they could agree though, that it will be a slow incline with the economy. At first I felt like Taylor was sugar coating it but then they agreed. This is important to students right now. I’m in school and should transfer next fall and then two more years at a university. If the economy doesn’t improve, more people are going to be going back to school. Also my future job is really dependent on a hopeful incline in the economy, and this is something I will have to watch and “hope” for improvement.
Krugman on private v Public healthcare was very controversial for mainstram US TV..
He Basicly said that Publicly run health care was way more efficiant in america than Private. 3 v 14 % admin costs.
Perhaps Mary Harney should take note.
Now she should also seek redundancies from our bloated admin costs, but medicare is a great example of how well run public can be better than private in Healthcare.
I would like to see universal social insurance come into play in Ireland ASAP
Krugman’s comment that the real economy is no where close to stabilizing is both frightening and most likely true. The economy today has not improved enough and is still down as it seems for a long time. Taylor sees some improvement recently, but he also agrees that the economy is not near stabilizing. Taylor wants a permanent tax cut while Krugman doesn’t want one at all. I do not know how much if at all a permanent tax cut would help, as the economy would have even lesser money. Taylor also talks about it being sad that we have to ask China to buy our debt, which is utterly embarrassing. This debate was very interesting and had some very important information for the future hopes of the economy.
I enjoyed how both speakers emphasized that it will take a while before the economy is back on track. Many people seem to need an instant solution for years of mistakes that we have made and this simply is not possible. Taylor and Krugman both make some interesting points and it is likewise intriguing to think about how we got ourselves into this mess. America is indeed making some perhaps “embarrassing” decisions but at this point, our political leaders are trying their best to reverse the effects of poor decisions in the past. The economy does not simply fall into recession in a short period of time, there are evidently business cycles that take place over several years and we should definitely think about what personal as well as national decisions we have made in the past that eventually lead to the decline of the economy. Most importantly, as the speakers mentioned, we should realize that the way back up will be a slow one-regardless of whether recent news forecasts a recovery or further decline, these things will take time coupled with proper action to resolve.
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