Paul Krugman

I guess Paul Krugman never taught Econ 101

To be a modern Republican in good standing, you have to believe — or pretend to believe — in two miracle cures for whatever ails the economy: more tax cuts for the rich and more drilling for oil...

Here at Redneck Mansion we've been a little busy but this column at Investors.com was just too juicy to ignore:

The economist at the fishwrap newspaper of record defends the president's energy policy of Solyndra, Chevy Volts and algae while dismissing the oil boom on private lands as a small-town hiccup with no impact on price.
 

New York Times columnist and Keynesian economist Paul Krugman asks in a recent column why gas prices are rising if we are in the middle of a domestic oil boom. Doesn't the "drill, baby, drill" crowd claim, he argues, that prices will drop "if only we would stop protecting the environment and let energy companies do whatever they want"?...

...Keynes did not repeal the law of supply and demand, Mr. Krugman, and increased worldwide demand from places like China has helped keep prices up...

...With a straight face, Krugman says "the oil and gas industry doesn't create many jobs," and he dismisses the Bakken shale formation's contribution to North Dakota's 3.2% unemployment rate as "only possible because the whole state has fewer residents than Albany."

Well, the unemployment rate in Albany County in New York state was more than double North Dakota's in December 2011 at 6.7% and at 8.2% for the entire state. Perhaps New York could benefit from an equally vigorous development of the portion of the Marcellus Shale formation...
 
...Krugman opines that "the environmental costs of fracking have been underplayed and ignored."...
 
...Sen. James Inhofe, R-Okla., who was recently called an "oil whore" by that champion of civil discourse, actor and part-time environmentalist Alec Baldwin, notes that since fracking was first commercially applied in Oklahoma in 1949, there has not been a single documented case of contaminated groundwater in more than six decades...
                                                    .
 

Krugmania, only in reverse

This is like "Can You Top This?"

First, Paul Krugman suggested that space aliens might fix the ailing US economy.

Now this.

Anyone listening to the anti-energy development crowd would think that pretty much any research coming out of Penn State must be false on its face.  Has to be.  After all, it's paid for by the very people who want to be presented in a positive light and we've previously posted on the curious phenomenon of Penn State's one-sidedness a couple of times at least.

Wait...(emphasis mine)

UNIVERSITY PARK, Penn. –  We've all heard of the ravaged rain forests and the plight of the polar bear. But as far as reasons for saving the planet go, the one offered by scientists Thursday [August 18th] is truly out of this world.
 

A team of American researchers have produced a range of scenarios in which aliens could attack the earth, and curiously, one revolves around climate change.

They speculate that extraterrestrial environmentalists could be so appalled by our planet-polluting ways that they view us as a threat to the intergalactic ecosystem and decide to destroy us.

The thought-provoking scenario is one of many envisaged in a joint study by Penn State and the NASA Planetary Science Division, entitled "Would Contact with Extraterrestrials Benefit or Harm Humanity? A Scenario Analysis"...

[....] But before we brace ourselves for alien annihilation, the report suggests things could turn in humanity's favor.

"As we continue the search for extraterrestrials into the future, perhaps our thinking about the different modes of contact will help human civilization to avoid collapse and achieve long-term survival," it suggests.

Phew!  That was close.

But...but...but—you mean Penn State is not a hotbed of right-wing pseudo-scientific extremism? 

We'll be attending a conference at Penn State later this year.  We'll let you know if we run into this guy:

h/t Tom

Krugmania

In case you missed this:

Here in the epicenter (we're into earthquake metaphors today) of Rod Serling country, this Ramirez take on the unbearable moonbatness of Krugman resonates:

Michael Ramirez Cartoon

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