Krugman- The Definition of Insanity
Is doing the same thing over and over again …
Mike Konczal does what I was planning to do, and compares the (very thin) policy discussion in Mitt Romney’s big speech with previous GOP speeches. As he shows, Romneynomics 2012 is literally identical to McCainomics 2008, Bushnomics 2004, and Bushnomics 2000. Drill, baby, drill; cut taxes on rich people (why didn’t we think of that?); and so on.
I would just add to Mike’s take the historical experience. Romney says that his plan would create 12 million jobs in his first term. Leaving aside the fact that this is about what forecasters on average predict in any case, surely we should ask how the identical policies worked out in Bush’s two terms. And the answer is: zero job growth in term one (and a fall in private sector employment), one million in term two. Oh, and private sector employment lower when Bush left office than when he arrived:
The poverty of new ideas is truly amazing.
http://krugman.blogs.nytimes.com/2012/08/31/the-definition-of-insanity/
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