Paul Krugman won the Nobel Prize in economics. He is also the resident economist for The New York Times.
In his latest article, he laments the power of Donald Trump and the Republican Party. He tries to offer eschatological hope. He assures his readers that there is hope politically because the Democrats may eventually come back into power. But this is only hope, he says. The United States of America is on the path to becoming a Third World tyranny. He actually believes this.
I want to stress this fact: he is as sound a political analyst as he is a sound economist.
The obvious silliness of all this should be apparent to anybody who knows about bipartisan American politics since approximately 1953. There has been a bipartisan American foreign policy. There has certainly been a bipartisan policy with respect to Social Security and Medicare. There has been a bipartisan policy with respect to the federal deficit. On anything that has mattered, bipartisan politics has been dominant. On peripheral issues, such as ObamaCare, Congress has voted along party lines, but even that division was short-lived. There were sufficient numbers of Republicans in the Senate who voted with the Democrats this year to save ObamaCare. The Republicans’ 100% opposition was political posturing in 2010.
Any liberal who looks at what Obama accomplished ought to abandon his faith in politics. Obama had a majority in both houses of Congress, early 2009 to early 2011, yet all he had to show for it was ObamaCare. I predicted this from the day he was elected. I said that Nancy Pelosi would be the ramrod for his policies. On the day he was elected, I predicted that he would be cautious, and would do his best to avoid political confrontation. This is exactly what he did for eight years. He did not create a national health plan. ObamaCare is a gigantic boondoggle for the health-insurance industry. Yet even that has backfired, as critics predicted. Healthcare insurers are bailing out every year. In 2019, when the new tax law goes into effect, individuals will not be forced to pay a fine to the federal government for failing to purchase healthcare insurance. With respect to individual purchases, this is going to undermine the whole program. But there wasn’t much of a program to undermine.
This post was published at Gary North on December 28, 2017.