http://www.nytimes.com/2012/08/27/opinion/krugman-the-comeback-skid.html?_r=
1
<http://www.nytimes.com/2012/08/27/opinion/krugman-the-comeback-skid.html?_r
=1&nl=todaysheadlines&emc=edit_th_20120827>
&nl=todaysheadlines&emc=edit_th_20120827
The Comeback Skid
Paul Krugman
NY Times Op-Ed: August 27, 2012
There will be two big stars at the Republican National Convention, and
neither of them will be Mitt Romney. One will, of course, be Paul Ryan, Mr.
Romney's running mate. The other will be Chris Christie, the governor of New
Jersey, who will give the keynote address. And while the two men could
hardly look or sound more different, they are brothers under the skin.
How so? Both have carefully cultivated public images as tough, fiscally
responsible guys willing to make hard choices. And both public images are
completely false.
I've written a lot lately deconstructing the Ryan myth, so let me turn today
to Mr. Christie.
When Mr. Christie took office in January 2010, New Jersey - like many other
states - was in dire fiscal straits thanks to the effects of a depressed
economy. Unlike the federal government, states are required by their
constitutions to run more or less balanced budgets every year (although
there is room for accounting gimmicks), so like other governors, Mr.
Christie was forced to engage in belt-tightening.
So far so normal: while Mr. Christie has made a lot of noise about his tough
budget choices, other governors have done much the same. Nor has he eschewed
budget gimmicks: like earlier New Jersey governors, Mr. Christie has closed
budget gaps in part by deferring required contributions to state pension
funds, which is in effect a form of borrowing against the future, and he has
also sought to paper over budget gaps by diverting money from places like
the Transportation Trust Fund.
If there is a distinctive feature to New Jersey's belt-tightening under Mr.
Christie, it is its curiously selective nature. The governor was willing to
cancel the desperately needed project to build another rail tunnel linking
the state to Manhattan, but has invested state funds in a megamall in the
Meadowlands and a casino in Atlantic City.
Also, while much of his program involves spending cuts, he has effectively
raised taxes on low-income workers and homeowners by slashing tax credits.
But he vetoed a temporary surcharge on millionaires while refusing to raise
the state's gasoline tax, which is the third-lowest in America and far below
tax rates in neighboring states. Only some people, it seems, are expected to
make sacrifices.
But as I said, Mr. Christie talks a good (and very loud) game about his
willingness to make tough choices, making big claims about spending cuts -
claims, by the way, that PolitiFact has unequivocally declared false. And
for the past year he has been touting what he claims is the result of those
tough choices: the "Jersey comeback," the supposed recovery of his state's
economy.
Strange to say, however, Mr. Christie has told reporters that he won't use
the term "Jersey comeback" in his keynote address. And it's not hard to see
why: the comeback, such as it was, has hit the skids. Indeed, the latest
figures show his state with the fourth-highest unemployment rate in the
nation. Strikingly, New Jersey's 9.8 percent unemployment rate is now
significantly higher than the unemployment rate in long-suffering Michigan,
which has had a true comeback thanks to the G.O.P.-opposed auto bailout.
Now, state governors don't actually have much impact on short-run economic
performance, so the skidding New Jersey economy isn't really Mr. Christie's
fault. Still, he was the one who chose to make it an issue. And even more
important, he's still pushing the policies the state's recovery was supposed
to justify.
You see, all that boasting about the Jersey comeback wasn't just big talk
(although it was that, too). It was, instead, supposed to demonstrate that
good times were back, revenue was on the upswing, and it was now time for
what Mr. Christie really wants: a major cut in income taxes.
Even if the comeback were real, this would be a highly dubious idea. By all
accounts, New Jersey still has a significant structural deficit, that is, a
deficit that will persist even when the economy recovers. Furthermore, the
Christie tax-cut proposal would do very little for the middle class but give
large breaks to the wealthy.
But in any case, the good times are by no means back, and neither is the
revenue boom that was supposed to justify a tax cut. So has the very
responsible Mr. Christie accepted the idea of at least delaying his tax-cut
plan until the promised revenue gains materialize? Of course not.
Which brings me back to the comparison with Paul Ryan. Mr. Ryan, as people
finally seem to be realizing, is at heart a fiscal fraud, boasting about his
commitment to deficit reduction but actually placing a much higher priority
on tax cuts for the wealthy. Mr. Christie may have a different personal
style, but he's playing the same game.
In other words, meet the new boaster, same as the old boaster. And pray that
we won't get fooled again.
* * *
Coalition for Economic Survival (CES)
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I72Md9LSvWRsVC7uZIUEjLBPEmlcjKGzCMh6yb-K40j_8lEAWeJAy2HUJHQlzI_CxojltzCjkTZ4
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Step Three: Make sure you set the Subject pull down to SB 1055 & press
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I72Md9LSvWRsVC7uZIUEjLBPEmlcjKGzCMh6yb-K40j_8lEAWeJAy2HUJHQlzI_CxojltzCjkTZ4
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Step Four: Select "Pro," write a short statement in support of SB 1055 &
press Send Email.
<http://r20.rs6.net/tn.jsp?e=0011-8nrHHsExlEoSuR4E0mimfE5b5mTkWJRicklETdL_uH
I72Md9LSvWRsVC7uZIUEjLBPEmlcjKGzCMh6yb-K40j_8lEAWeJAy2HUJHQlzI_CxojltzCjkTZ4
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Or, you can call Governor Brown
and urge him to sign SB 1055 at:
Phone: (916) 445-2841
==================================
CES in the NEWS
California Lawmakers OK Bill that Bars
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T9KKKtezaDeyj-Yw7zA4XMjPocgCCJTgRr9L35U26abuWy5mt-Q8utDAhXjXI_8DOleUaG9ktOzd
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UVuyHFFCSUy6-pF0NAVFx1kSwTEkY7C7rpH-3B9Aj4KkfSSzf0F7WqfOQQ==> Requiring
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Los Angeles Times
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California Bill Would Ban Online-Only
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