Tuesday, February 3, 2009

This direct from Krugman

Bipartisan bromides

Josh Marshall gives us David Broder talking about stimulus — which he says failed to achieve the predicted results the first time. It’s not clear whether he was referring to the TARP or the early 2008 stimulus package, but either way it’s a poor comparison. The TARP isn’t stimulus; the early 2008 package was 1/5 the size of the Obama proposal, and contained nothing but tax cuts.

But the part that really got me was Broder saying that we need “the best ideas from both parties.”

You see, this isn’t a brainstorming session — it’s a collision of fundamentally incompatible world views. If one thing is clear from the stimulus debate, it’s that the two parties have utterly different economic doctrines. Democrats believe in something more or less like standard textbook macroeconomics; Republicans believe in a doctrine under which tax cuts are the universal elixir, and government spending is almost always bad.

Obama may be able to get a few Republican Senators to go along with his plan; or he can get a lot of Republican votes by, in effect, becoming a Republican. There is no middle ground.

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