NYT Economist Shames the Working Class

I've long been an admirer of Paul Krugman of the New York Times as he's a rational and accessible liberal economist who genuinely seems to have the best interests of the public at heart. But a recent column smacked of establishment rhetoric that bordered on gaslighting. Democrats ignore economic realities at their own peril and while most leftists expect little from sources like the New York Times, Krugman has often risen above partisan talking points making this even more disappointing.

CHAPTERS
00:00 - Introduction
01:09 - Krugman’s Thesis
02:32 - Critique of Krugman’s Thesis
10:28 - The Problem with Neoliberal Economics
11:42 - The Harris Plan & Project 2025 Pitfalls
18:27 - Credits

SUPPORT THE SHOW
Follow us on social @unftrpod

ABOUT UNFTR
Unf*cking the Republic (UNFTR for short) is progressive media organization that produces a longform podcast, YouTube videos, a twice weekly newsletter and original editorials on U.S. politics, socio economics and civil liberties. Our features attempt to explain how we arrived in Bizarro America, the funhouse mirror version of what was originally intended. You can access all of our work at www.UNFTR.com

#SocioEconomics #AmericanHistory

[banquo]

"Krugman's better than this."

No, he is not. He never has been.

[arbierstein]

I read a piece by Krugman last year arguing that we don't have to worry about infinite growth and capitalism driving climate change because, supposedly, carbon emissions in the UK are down to pre-20th century levels. It was so spurious and obviously written to provide cover for the people destroying the planet, that I felt the need to write a rebuttal explaining all the ridiculous and dishonest moves he makes in the piece. I'm no fan of Krugman.

[dougpage]

The “let them eat cake” attitude of the liberal upper middle class towards the millions of Americans who saw their good jobs disappear overseas is why we have Trump.

[bacnknight]

I have negative views about our whole system. Endless promises, no payoff. Were being played as usual.

[johnathanfindlay]

“It’s the economy stupid” 2.0. Don’t forget people who talk about “Greedflation” have been treated as conspiracy theorists for years and now even when it has been confirmed people who talk about it are still marginalized.

[GhostOnTheHalfShell]

Largely a heavy dose of anti-trust to break up food conglomerates like Cargill (to identify one of the big 4), but oligarchy everywhere. We need an even larger dose break up of billionaire wealth networks. These networks of corporate ownership are where their true wealth is hidden. It’s tough because plutocracy has a death grip on the US.

[ln.marinr]

Can we forget about politics and focus on who pays these people? That's all you need to know about their opinion

[anitareasontobelieve]

My 20 years experienced Double masters' degrees spouse is being asked to work for price gouging hospitals and insurance companies for less money per hour than 10 years ago. Greed is definitely up too!

[alexandrerichard]

Like most neolibs, wage inflation matters more than greedflation, shrinkflation, skimpflation. It's the contrary that should matter more. The amount of expendable income in people's pockets is more important for a growing economy than extra dividends for the shareholders.

[ThePzrLdr]

What a hack! I've seem food prices rise 30% just this year alone!

[ttystikkrocks]

Unlike the narrator, I've never had much respect for Paul Krugman. He's been an apologist for the most despicable impulses of corporatism and even more to the point, he's just plain wrong.

[patrickday]

It's getting to the point where we will have to pull the whole system down. Regulate the corporations like never before prevent lobbying the way it's currently done.

[flatliner]

Great breakdown Max. The vestiges of neoliberalism are still with us. It's really unfortunate how truly far back the defeat of Sanders, then Clinton and the rise of Trump, and the level reset of Biden has put to the project of the overthrowing of neoliberalism as a concept. I wouldn't be so worried from a historic perspective if it wasnt for the climate crisis. MAGA and the authoritarian and fascistic right have to be defeated while we continue the gereat project of a truly egalitarian economic model.

[Arbognire]

The legacy of Neoliberali$m: Haves & have-nots
💸🏦🤑

[blast_processing]

A big issue you fail to mention here is that the largest corporations, such as Walmart, funnel profits into foreign holdings, which can be particularly damaging to smaller communities and puts strain on larger communities.

[spiritofgoldfish]

Socialism is too economically efficient for the feudal US system to be able to compete.

This failure to compete is called Chinese "overcapacity" by the private transnational rentier oligarchy at the top of Wall Street (the deep state).

The classical economists beginning with Adam Smith identified the economic rents (unearned income) extracted by feudal lords as the problem preventing a free market that the government should solve. The neoliberal (Austrian, Libertarian, Chicago School Monetarist) counter-enlightenment led by the super wealthy was to not acknowledge any such problem, as the marketing front for their banks (FIRE, finance, insurance and real estate) whose vocation is rent seeking and who directly employ the modern neo feudal government.

[Puzekat]

Several years ago, I had enjoyed Krugman, but I felt like something was changing in him, and I haven’t been listening to him. I’m only a few minutes into this video when I leave this comment, but if it remains, then he too, has gone to the other side.

[termsofusepolice]

Excellentt, balanced and rational analysis. Thank you. Wish your approach was the rule and not the exception on YT. You won a new subscriber.

[psikeyhackr]

Come off it.

How can economists not talk about planned obsolescence and not be elitist? Oh wait, they don't know enough about technology to figure it out.

Is it possible to be ignorant and elitist at the same time?

[commandersprocket]

Krugman is a Keynsian economist. That is a big step better than the schools of thought from Mont Pelerin. But I think it’s important to remember that Keynsians were unable to predict the 2008 great recession. When I ask myself who I should believe in terms of economists, I limit myself to economist that successfully predicted the great recession minus any Perma bears in that set of economists. Of the remaining economist, I have found Steve Keen to have the most cogent models for economics. Keen looks at the economy through the lens of system dynamics then builds models based on those systems. Right now what he is advocating for is debt relief for everyone drowning in debt. His monetary theory is substantially borrowed from the modern monetary theory folks in that it looks at the economy through the lens of accounting.