The Fallacies of Paul Krugman

Joshua Cook spoke with Dr. Jon Boulet, economics professor at North Greenville University, about economist Paul Krugman’s new op-ed piece Enemies of the Sun,
featured in the New York Times.

Dr. Boulet described how Krugman uses a tactic of the progressive left by calling skeptics of global warming “deniers” instead of debating the objective facts or science.

“He [Paul Krugman] is not just a statist, he is an elitist,” said Dr. Boulet. “Even more so of dealing with the bad policy prescriptions is the fact of those who oppose him are called deniers. For Krugman, a denier is someone who is not worthy of discussion and that is one of the greatest dangers of modern America.”

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Boulet said that in the 1970’s, the consensus was that the cause of global cooling was the result of burning fossil fuels and the solution, according to the progressive left, was a government-run economy ran by elites by Paul Krugman.

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Cook asked Dr. Boulet about Krugman’s claim that solar is adding more jobs than the coal industry.

“Frankly that’s a sign of inefficiency,” said Dr. Boulet. “Solar provides approximately 1 percent of the power in the United States which is being generous.”

“So solar is generating 1 percent of the power and is using more labor than we use coal miners in the United States who generate 38 percent of our power,” said Dr. Boulet. “One industry is spending more on labor to provide 1 percent of the power than it is to use the same amount labor to generate 30 times the amount of power.”

Dr. Boulet said, “someone might say ‘well that’s more jobs that will be great.'”

“But who will pay for these jobs?” Dr. Boulet continued. “If you get rid of coal tomorrow and say we’re all going to provide solar, will people like it when people’s power increases by 10, 20, 30, 40 or 50 fold? People will get royally ticked off.”

Near the end of the interview Cook and Dr. Boulet talked about the Federal Reserve and how elites get richer at the expense of the poor and middle class.

“A handful of large banks and financial institutions go to the Fed and borrow money at .5 percent and they turn around and feed the stock market bubble and they make a killing. It allows the mega-rich to get even richer,” said Dr. Boulet.

Dr. Boulet doesn’t like the term “crony capitalism.” He prefers to use “crony socialism.”

“There’s nothing crony about capitalism,” said Dr. Boulet. “Socialism is crony because these firms go to the government because the government is their sugar daddy.”

Listen to the entire interview here.


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