Deficit Scolds Getting Shrill as the Story Falls Apart

From Krugman…

… the deficit scolds aren’t giv­ing up. Now yet an­other or­ga­ni­za­tion, Fix the Debt, is cam­paign­ing for cuts to So­cial Se­cu­rity and Medi­care, even while mak­ing low­er tax rates a “core prin­ci­ple.” That last part makes no sense in terms of the group’s os­ten­si­ble mis­sion, but makes per­fect sense if you look at the ar­ray of big cor­po­ra­tions, from Gold­man Sachs to the United­Health Group, that are in­volved in the ef­fort and would ben­e­fit from tax cuts. Hey, sac­ri­fice is for the lit­tle peo­ple.

So should we take this lat­est push se­ri­ous­ly? No — and not just be­cause these peo­ple, aside from ex­hibit­ing a lot of hy­poc­risy, have been wrong about ev­ery­thing so far. The truth is that at a fun­da­men­tal level the cri­sis story they’re try­ing to sell doesn’t make sense.