The huge deficits and social security privatization promoted by the Bush Administration makes an economic crisis almost inevitable, Princeton economist warns.
Paul Krugman, economist and New York Times columnist, warns that an economic crisis is only a matter of time. "The most immediate worry (says Krugman)is that Bush will simultaneously push through more tax cuts and try to privatize social security, ignoring a chorus of economic thinkers who caution against such measures. 'If you go back and you look at the sources of the blow-up of Argentine debt during the 1990s, one little-appreciated thing is that social security privatization was a important source of that expansion of debt,' (In 2001, Argentina finally defaulted on an estimated $100 billion in debt, the largest such event in modern economic history). 'So if you ask the question do we look like Argentina, the answer is a whole lot more than anyone is quite willing to admit at this point. We've become a banana republic."
Thanks to Michael Dudley
Read the full story: Krugman: Economic Crisis a Question of When, Not If
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