http://economistsview.typepad.com/econo ... l#comments
Monday, January 04, 2016
Paul Krugman: Elections Have Consequences
As the title says, elections matter:
Elections Have Consequences, by Paul Krugman, Commentary, NY Times: ...I’m a big geek... I was eagerly awaiting the I.R.S.’s tax tables for 2013... And what these tables show is that elections really do have consequences.
You might think that this is obvious. But on the left, in particular, there are some people who, disappointed by the limits of what President Obama has accomplished, minimize the differences between the parties. Whoever the next president is, they assert — or at least ... if it’s not Bernie Sanders — things will remain pretty much the same, with the wealthy continuing to dominate the scene. ...
But the truth is that Mr. Obama’s election ... had some real, quantifiable consequences. ...
If Mitt Romney had won, we can be sure that Republicans would have found a way to prevent these tax hikes. ...
Mr. Obama has effectively rolled back not just the Bush tax cuts but Ronald Reagan’s as well..., about $70 billion a year in revenue. This happens to be in the same ballpark as both food stamps and ... this year’s net outlays on Obamacare. So we’re not talking about something trivial.
Speaking of Obamacare, that’s another thing Republicans would surely have killed if 2012 had gone the other way. ... And the effect on health care has been huge...
Now, to be fair, some widely predicted consequences of Mr. Obama’s re-election — predicted by his opponents — didn’t happen. Gasoline prices didn’t soar. Stocks didn’t plunge. The economy didn’t collapse..., and the unemployment rate is a full point lower than the rate Mr. Romney promised to achieve by the end of 2016.
In other words, the 2012 election didn’t just allow progressives to achieve some important goals. It also gave them an opportunity to show that achieving these goals is feasible. No, asking the rich to pay somewhat more in taxes while helping the less fortunate won’t destroy the economy.
So now we’re heading for another presidential election. And once again the stakes are high. Whoever the Republicans nominate will be committed to destroying Obamacare and slashing taxes on the wealthy — in fact, the current G.O.P. tax-cut plans make the Bush cuts look puny. Whoever the Democrats nominate will, first and foremost, be committed to defending the achievements of the past seven years.
The bottom line is that presidential elections matter, a lot, even if the people on the ballot aren’t as fiery as you might like. Don’t let anyone tell you otherwise.
yrs,
rubato
