I’m convinced that one of the things that virtually every Progressive has in common is their complete and utter lack of the understanding of Economics. I have never had a discussion with one or read the viewpoint of one who understood the discipline. If a person understood economics, that person was not a Progressive. It has become theorem to me.
I just found an article by Paul Krugman, a Nobel Prize winning Progressive economist. He is the go-to guy for all Progressives when we question their fantasy land attempts at the topic. One year ago. Trump was just elected. Krugman was commenting to the world in a New York Times opinion piece about what is to come: “It really does look now like it is President Donald J Trump, and markets are plunging. When might we expect them to recover? Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. Still I guess people want an answer. If the question is when markets will recover, a first-pass answer is never.”
Krugman was apparently looking at the Dow at that point and saw a big sell-off. What he didn’t realize is that investors were simply adjusting. The savvy thing to do was to sell the stock of companies that profit from big government contracts and to buy the stock of companies that would do better in a pro-business environment. Not rocket science. Simple economics. A few days after his big prognostication of doom and gloom, the market took off and has been rising for a year now.