The Snow-Jobs of Kilimanjaro
Paul Krugman's connection with reality has taken an early summer holiday, leaving astounded readers with today's "Heart of Cheapness". His theme - the US, under those faux Compassionate Conservatives Bush and O'Neill, doesn't spend enough on foreign aid to Africa. Readers learn that as a percent of GDP, the US spends less than Canada, Sweden, and other bastions of socialist thought. How our spending compared to theirs during the enlightened era of Bill Clinton, especially when the Dems controlled the Congress in '93-'94, is left unanswered. And Krugman's surprising policy prescription: No new tax cuts! Rather than repeal the estate tax, raise the exemption so it only hits the very, very rich (above $5 million). Bravo, Paul - his demonstration of compassion is a willingness to tax other people to provide aid. Paul's own contribution will be limited to forceful, and well compensated, advocacy.
That's my two cents. For thoughtful, well researched dissections of the latest Krugmania, check out the Gamma Man or Jane Galt.