Krugman on ManufacturingMay 24, 2011 at 7:12 AM | Posted in Business, Economics, Manufacturing | Leave a comment
Tags: NY Times, Paul Krugman, President Obama
Paul Krugman is man very difficult to please. He is both a columnist for the New York Times and a recent Nobel Prize Laureate in Economics, he is “liberal” but a scourge to all sides; he’s a curmudgeon with a hammer. For those of us who work, in one manner or the other, in the manufacturing industry or who understand its value in today’s economy, as Alexander Hamilton did in his, Krugman’s recent article, Making Things in America is worth a careful look.
Krugman begins by noting the upswing in manufacturing that had been, in so many quarters, left for dead. For example, Michigan’s unemployment has moved from 14.1% to 10.3%. He attributes this positive move to a “weak dollar” which makes our goods a better bargain and to the Obama administration for bailing out the Auto makers. GM has had 5 straight profitable quarters and paid back their loans and Chrysler, to the surprise of even the most optimistic, is gaining traction.
Krugman crows how the Right blasted Obama, calling such help a “war on capitalism.” And yet, just last week, the Republican’s rebuffed an effort to end Big Oil subsidies. I guess when it comes to bail-outs, it depends on which side your bail-out is buttered.