Paul Krugman - Income Inequality and the Middle Class

Complete video at: http://fora.tv/2007/10/30/Paul_Krugman_Future_of_the_Middle_Class

Nobel Prize-winning economist and New York Times Op-Ed columnist Paul Krugman discusses the history of the American "middle class," and argues that growing income inequality may threaten its existence.

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Paul Krugman discusses "Losing Our Way in the New Century: The Future of the Middle Class?"

Krugman brings a sharp political, social and economic analysis of what happened to the middle class of the 20th century and where America's social policy is headed in the future. Krugman is the most widely read economist of our time and was named Columnist of the Year by Editor and Publisher magazine. - The Commonwealth Club

Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.

Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics.

Mr. Krugman is the author or editor of 20 books and more than 200 papers in professional journals and edited volumes. His professional reputation rests largely on work in international trade and finance; he is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. Mr. Krugman's current academic research is focused on economic and currency crises.

At the same time, Mr. Krugman has written extensively for a broader public audience. Some of his recent articles on economic issues, originally published in Foreign Affairs, Harvard Business Review, Scientific American and other journals, are reprinted in Pop Internationalism and The Accidental Theorist.

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[H1TMANactual]

Keynesianism = Giant fail

[H1TMANactual]

@inquisitive871 Nope. Post war (WWII I assume) govt was cut by 40%, largest govt cut in nominal terms (adjusted for inflation). Budget was balanced. That's what created prosperity.

[Teadon86]

Perhaps you've misinterpreted socialism and what many of it's followers believe. First of all socialists are well aware of, most of them are, that everything has a cost. Secondly socialism is about giving the means of production to the worker not the government or some rich or influential person to toy with. Third to eliminate class. The progressive way of taxing richer people higher then poorer do actually work: ever heard of Scandinavia?

[ihaterobbie123]

Everything he said in this video was taken on the basis that his previous statements were true. His entire case is just a stack of cards supported by sweet fuck all. Some delusion that taking money from someone by force and handing it to someone else is in some way going to create something greater than the sum of it's parts.

There is no free lunch in the real world, everyone get that through your heads and stop fucking up other people's lives. Socialism doesn't work.

[einrib4truth]

There is absolutely NO difference between America and Canada! They are BOTH CORPORATIONS! Deceptively OWNED by Zionist/Jewish Banking and European Aristocracy, established in 1871 for America. Only when both can "Wake-UP" and start to Question WHO is behind Every major industry in the World, and WHO Created the "American Dream; Patriotism and The New World "CULT" Religion called: "Consumerism and GREED!" will we ALL understand WHY the WORLD is facing the SAME "Orchestrated" Financial PROBLEMS!

[interstate317]

The middle class was absolutely created before fdr, who does he think was buying Henry fords cars?

[schwarzblatt]

so tired of this guy's disastrous Keynesian tomfoolery.

[Franky4fingers78]

@H1TMANactual I think you aren't considering the fact that during the war, income for the poor and middle class improved dramatically through government policy which continued after the war and brought about prosperity until about 30-40 years later when the trend was reversed post Nixon presidents and largely by Reagan.

Conservative economic policies implemented after late 70s have resulted in income disparity leading to the economy grinding to a halt 3 years ago.

[H1TMANactual]

@inquisitive871 Look up Japan's lost decade. And what do you think is collapsing the European countries currently? Debt or tooth fairy? Deficit spending is great, if it's spend properly and the return exceeds the interest rate. But that's rarely the case when politicians are doing the spending.

[inquisitive871]

@H1TMANactual What do you consider productive then? And yes, the WWII period was the most productive. Oh yeah, what do you say about Japan's economy being one of the most productive despite Japan's debt being 198% of GDP?

[H1TMANactual]

@inquisitive871 You have a weird definition of productive. If that's the case then govt should use deficit financing.to hire everyone and have them dig a hole and fill it back in. That's not very "productive" is it? Neither was spending during WWII when it was spent on making bombs. That didn't raise the standard of living. Your claim that WWII period was the most productive, is factually wrong.

[inquisitive871]

@H1TMANactual Okay, but during WWII, the US was the most productive in history, and the debt was 120% of GDP. The reason why the debt was lowered in the poast war era is because of the preceding era of productivity.