The New York Times is a generally well-written newspaper. They have a (self-admitted) liberal bias, but if you read the reporting with this in mind, it is an excellent and readable news source. Unfortunately, the quality plummets when you turn to the editorial pages (the health reporting is also horrific, but that is a subject for another day).
Paul Krugman is a regular editorial columnist: a Princeton professor of economics with a Yale undergraduate degree and a PhD from M.I.T. He often comments on health care issues, so I read his column. Then I take the paper and wipe my ass with it.
I certainly don’t make any claims to have an answer to grand health care policy problems, but I did take one course in economics in college and got a B-, so I figure Prof. Krugman should be able to teach me something. Wrong again.
Here is a gem from a recent article of his called “Voodoo Health Economics” (if you don’t get the political reference, watch “Ferris Bueller’s Day Off” again):
“It’s about time someone … made the case that Mr. McCain’s approach to health care is based on voodoo economics — not the supply-side voodoo that claims that cutting taxes increases revenues (though Mr. McCain says that, too), but the equally foolish claim, refuted by all available evidence, that the magic of the marketplace can produce cheap health care for everyone.”
Um … OK genius. I think it was page 54 of my “Macro-economics for Dummies” text that introduced the Laffer Curve. For you econo-morons, look at the above picture: now think … hmmm, if I tax everyone at 100%, my tax revenues will be … ZERO! Yeah, because no one will work for free, idiot! Not only that, but statisticians have shown definitively that higher taxes DO NOT increase tax revenues (see http://politicalcalculations.blogspot.com/).
One idiotic statement I can take, but when he scornfully dismisses the “magic of the marketplace”, I start pulling out my hair. Adam Smith is going to haunt your tweed- wearing, arrogant, bearded, ivory-tower, smug, pseudo-intellectual ass after he reads your retarded article. (begin sarcasm) I can’t imagine how a capitalist model could produce an efficient economic system! The US has flailed in ignorance for these past two hundred and thirty two years! Thank you for your insight Professor! (end sarcasm)
I’m glad I went to East Tumecula Community College and not Princeton so I didn’t have to listen to this type of bozo for 6 years. Prof. Krugman should stop patting himself on the back for being so fucking clever and go re-take Econ 101. Maybe the “Bloom Picayune” would hire him.