What European country did conservatives love before this crisis? What was the highest ranked Western country on the heritage index of economic freedom? What is the country with the lowest corporate tax rates? It was Ireland, and by the way Ireland has done everything. Ireland is Romney’s economy in practice. They’ve laid off a large fraction of their public work force, they’ve slashed spending, they haven’t really raised taxes on corporations of the rich at all. Um, they have 14% unemployment, 30% youth unemployment, zero economic growth. Ireland is a demonstration. I think of Ireland as America’s future if Romney is president. —
Paul Krugman on economic strategies in European countries (The Colbert Report 6-18/2012)
I often fear that no one will listen to Paul Krugman before it’s too late.