The Corner

Congress Needs to Stop Reading Krugman’s Column

On Monday, I mentioned some of the terrible ideas that New York Times columnist and former economist Paul Krugman had for the recovery. It pretty much boiled down to spending more money. What worries me this morning is that newspapers around the country are reporting today that President Obama will host a job summit with academics, business, and labor leades at the White House tomorrow, and that ideas that will be discussed follow the Krugman plan. For instance, McClatchy reports:

potential tax credits for employers for new hires, a payroll tax holiday for employers and big government work programs like those of the 1930s, with today’s efforts likely to boost inner city jobs and reverse years of neglect.

Besides, how credible is Obama’s job summit? According to the Washington Times, President Obama’s jobs summit:

will be packed with business leaders and economists supportive of White House policies but lacks a diversity of opinion, several analysts say. Missing from a partial list of attendees released by the White House are the self-proclaimed voices of business — the U.S. Chamber of Commerce and the National Federation of Independent Business — both of which have been critical of Mr. Obama’s proposed health care overhaul.

Confirmed attendees “include liberal economists credited with shaping the $787 billion stimulus package, union leaders, environmental advocates and executives from Google and other blue-chip firms.”

Who thinks any good ideas will come out of this summit? Not me!

Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University.

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