During a roundtable with George Will and Paul Krugman, the radioactive Grover Norquist rattled off a GOP party talking point claiming that states with Republican governors like New Jersey, Michigan, Wisconsin, Texas, Florida, etc., have cut spending and not raised taxes. Paul Krugman said, "it's just not true." Krugman's right. Two recent mainstream media reports on Wisconsin alone show that Scott Walker's budget increased spending by $1.1 billion while property taxes are projected to rise an average of 2.6% this year with additional increases expected in each of the following years. And that's just the tip of the iceberg.
As far as the debt ceiling deal goes, Krugman describes a shrinking national economy with the country now headed into a lost decade and looking to 90's Japan as an economic role model. With no light at the end of the tunnel and long-term unemployment expected, Krugman predicts the wrong-headed Republican-based debt deal will make things only worse.
Krugman's Debt ceiling Summary Begins at 2:60
Norquist's False statements at 6:30
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