{"id":1851140,"date":"2023-02-17T12:05:50","date_gmt":"2023-02-17T17:05:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1851140"},"modified":"2023-02-17T12:10:11","modified_gmt":"2023-02-17T17:10:11","slug":"hack-economist-paul-krugmans-accounting-of-the-national-debt-is-jailworthy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hack-economist-paul-krugmans-accounting-of-the-national-debt-is-jailworthy\/","title":{"rendered":"Hack Economist Paul Krugman\u2019s Accounting of the National Debt is Jailworthy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhack-economist-paul-krugmans-accounting-of-the-national-debt-is-jailworthy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1851140&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><span>James D. Agresti<\/span><br \/><span>February 17, 2023<\/span><\/p>\n<figure id=\"attachment_10816\" aria-describedby=\"caption-attachment-10816\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"no-padding wp-image-10816 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman.jpg\" alt=\"\" width=\"1297\" height=\"686\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman.jpg 1297w, https:\/\/www.justfactsdaily.com\/wp-content\/uploads\/2023\/02\/paul_krugman-300x159.jpg 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman-1024x542-1.jpg 1024w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman-768x406-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman-640x339-1.jpg 640w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/paul_krugman-390x205-1.jpg 390w\"   style=\"display:none\"><\/a><figcaption id=\"caption-attachment-10816\" class=\"wp-caption-text\">Paul Krugman in Mexico City, 2013. Credit: Tanya Lara\/Shutterstock.com<\/figcaption><\/figure>\n<p><span>In recent years, the national debt has increased at an alarming rate and is now <\/span><a href=\"https:\/\/www.justfacts.com\/nationaldebt#quantifying\">Now higher<\/a><span> than any era of the nation\u2019s history\u2014even when adjusted for inflation, population growth, and economic growth (GDP).<\/span><\/p>\n<p>You cannot deny this fact <a href=\"https:\/\/www.nytimes.com\/column\/paul-krugman\">Nobel Prize-winning<\/a> Recent work by Paul Krugman, economist <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Submitted<\/a> Two <a href=\"https:\/\/www.nytimes.com\/2023\/01\/24\/opinion\/us-debt-deficit-economy.html\">Columns<\/a> In an interview with the New York Times, he stated that the debt was an \u201coverhyped issue\u201d  \u201cisn\u2019t all that unusual\u201d From a historical perspective. His claims to support them use fraudulent accounting techniques that could land an executive in prison.<\/p>\n<p><strong>Projections vs. Realities<\/strong><\/p>\n<p>Krugman <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Insist!<\/a> The art of taming the \u201cfederal debt should be well down the list\u201d The government \u201cpriorities\u201d after \u201cclimate change\u201d  \u201cchild poverty\u201d Because debt projections are now commonplace \u201cmuch less dire\u201d Over the past decade. In reality, the debt is far higher than projected, and Krugman\u2019s own words prove it.<\/p>\n<p>In 2009, President Obama and the Democrat-controlled Congress began <a href=\"https:\/\/www.justfacts.com\/nationaldebt#media-context\">Securing debt<\/a> Krugman projects a deficit of $9 trillion over the next decade. <a href=\"http:\/\/krugman.blogs.nytimes.com\/2009\/08\/23\/how-big-is-9-trillion\/\">Submitted<\/a> That \u201ceven if we do run these deficits,\u201d In 2019, the federal debt would equal 90% of GDP \u201csubstantially less than it was at the end of World War II.\u201d<\/p>\n<p>The 2019 debt turned out to be <a href=\"https:\/\/www.justfacts.com\/nationaldebt#quantifying_history\">109% of GDP<\/a>Krugman&#8217;s projection was 21% higher than Krugman expected and is only 8% lower than the World War II-era debt.<\/p>\n<p>This was one year before the government&#8217;s reaction to the Covid-19 pandemic led to an unprecedented increase in the ratio of debt to GDP. This was due primarily to state government lockdowns. <a href=\"https:\/\/www.chicagofed.org\/publications\/blogs\/midwest-economy\/2022\/hardest-hit-playing-catch-up\">crushed<\/a> The <a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=ZxVl\">GDP<\/a> The federal government <a href=\"https:\/\/www.gao.gov\/assets\/gao-23-106556.pdf\">Spend liberally<\/a> On \u201cCovid relief.\u201d<\/p>\n<p>Even though <a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=ZxVl\">The GDP rebounded<\/a> As lockdowns <a href=\"https:\/\/www.chicagofed.org\/publications\/blogs\/midwest-economy\/2022\/hardest-hit-playing-catch-up\">were lifted<\/a>The worst inflation in <a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=ZxWE\">40+ Years<\/a> Has a href=&#8221;https:\/\/www.stlouisfed.org\/on-the-economy\/2022\/aug\/inflation-real-value-debt-double-edged-sword&#8221;>temporarily Reduced<\/a> It is still higher that any other period in terms of the ratio debt\/GDP. <a href=\"https:\/\/www.justfacts.com\/nationaldebt#quantifying_history\">U.S. history<\/a>At 123% of the GDP, this figure is at the end 2022<\/p>\n<p><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10818\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022.png\" alt=\"\" width=\"977\" height=\"711\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022.png 977w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022-300x218-1.png 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022-768x559-1.png 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/national_debt_gdp_1790-2022-640x466-1.png 640w\" \/><\/a><\/p>\n<p>Worse, the national debt has a ahref=&#8221;https:\/\/www.justfacts.com\/nationaldebt#politics-current&#8221;>trajectory<\/a> That makes current debt appear small in comparison. Under CBO\u2019s decade-old projections, which have thus far <a href=\"https:\/\/www.justfacts.com\/nationaldebt#politics-current\">Undershot Reality<\/a>The U.S.&#8217;s debt\/GDP ratio is poised to surpass a href=&#8221;https:\/\/fred.stlouisfed.org\/series\/PSDOTUKA&#8221;>Britain\u2019s<\/a> After it was a>=&#8221;https:\/\/www.britannica.com\/event\/the-Blitz&#8221;>intensely Feuerbombed<\/a> During World War II.<\/p>\n<p>Because of the high level of US debt from WW II, <a href=\"https:\/\/www.justfacts.com\/nationaldebt#politics-current-ww2_claims\">Krugman and other scholars<\/a> used to argue that the modern debt situation isn\u2019t awful by comparison. They forgot to mention that the war debt was an anomaly due to the ahref=&#8221;https:\/\/www.britannica.com\/event\/World-War-II\/Yalta&#8221;>deadliest The most popular<\/a> Conflict in world history is common, but the modern debt is an affront. <a href=\"https:\/\/www.justfacts.com\/nationaldebt#politics-current\">systemic, escalating<\/a> Continuing federal policies are the root cause of this problem<\/p>\n<p>If you leave the autopilot on, your debt will be automatically accumulated <a href=\"https:\/\/www.justfacts.com\/nationaldebt#politics-current-ww2_claims\">On track<\/a> To increase WWII levels by approximately 95% in the following three decades.<\/p>\n<p><strong>Current <em>Law<\/em> v. Current <em>Policy<\/em><\/strong><\/p>\n<p>Beyond ignoring his own debt projection, Krugman spins a yarn that is diametrically opposed to reality by exploiting his readers\u2019 ignorance about differing types of debt estimates published by the Congressional Budget Office (CBO).<\/p>\n<p>CBO has calculated different times at different times <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/44521-LTBO2013_0.pdf#page=8\">Two major types<\/a> These projections are for the national debt. The first represents current. <em>Law <\/em>It is also known as the \u201cextended baseline,\u201d The other, however, is based on current events <em>policy<\/em> It is also known as the \u201cextended alternative fiscal scenario.\u201d As shown in this chart on page a, there are often significant differences between these projections. <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/112th-congress-2011-2012\/reports\/06-21-Long-Term_Budget_Outlook.pdf\">CBO Report 2011<\/a>:<\/p>\n<p><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10819\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011.png\" alt=\"\" width=\"982\" height=\"385\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011.png 982w, https:\/\/www.justfactsdaily.com\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011-300x118.png 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011-768x301-1.png 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/cbo_debt_projections_2011-640x251-1.png 640w\" \/><\/a><\/p>\n<p>These differences can be attributed to the fact federal laws are often rife in accounting tricks and other provisions that understate future liabilities.<\/p>\n<p>The 2010 Affordable Care Act (often referred to as Obamacare) is a prime example. <a href=\"https:\/\/www.congress.gov\/bill\/111th-congress\/house-bill\/3590\/actions\">This legislation<\/a> It was adopted with a <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/111th-congress-2009-2010\/costestimate\/amendreconprop.pdf\">Analysis of the CBO<\/a> It would be a great idea to show it. \u201cproduce a net reduction in federal deficits of $143 billion\u201d Over the next decade. The bill&#8217;s deficit-reducing provisions are, in reality, the majority of the bill&#8217;s provisions.https:\/\/www.justfacts.com\/healthcare#aca_costs&#8221;>weren\u2019t Implemented<\/a>While almost all of the deficit-increasing ones were,<\/p>\n<p>The discrepancy between what the Affordable Care Act stated and what actually happened, is so large that their true costs are not yet known. Congress\u2019 <a href=\"https:\/\/www.justfacts.com\/healthcare#aca_costs\">Joint Committee on Taxation<\/a> that it hasn\u2019t calculated the realized budgetary impact of Obamacare \u201cbecause of the many modifications to that law,\u201d  <a href=\"https:\/\/www.cbo.gov\/faqs#ACAeffects\">CBO<\/a> It \u201ccannot readily provide a retrospective analysis\u201d The law.<\/p>\n<p>Bottom line: The current is the best. <em>Law<\/em> scenario made the Affordable Care Act seem like it would lower the debt, but the actual outcome was so different that federal budget agencies don\u2019t know the real number.<\/p>\n<p><strong>Bait and Switch<\/strong><\/p>\n<p>Keeping these facts in mind, Krugman cleverly jumps between currents. <em>law<\/em> Current <em>policy<\/em> projections.<\/p>\n<p>Krugman wrote another column about debt, which proved to be a grave mistake. <a href=\"https:\/\/www.nytimes.com\/2013\/03\/11\/opinion\/krugman-dwindling-deficit-disorder.html\">In 2013<\/a> That \u201cbudget office projections show the nation\u2019s debt position more or less stable over the next decade.\u201d He stressed this point in his writings. \u201cSo we do not, repeat do not, face any kind of deficit crisis either now or for years to come.\u201d<\/p>\n<p>Krugman\u2019s <a href=\"https:\/\/www.nytimes.com\/2013\/03\/11\/opinion\/krugman-dwindling-deficit-disorder.html\">Basis<\/a> for that claim was CBO\u2019s <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/43907-BudgetOutlook.pdf#page=6\">Current <em>law<\/em> Projections<\/a>, which displayed the ahref=&#8221;https:\/\/www.justfacts.com\/nationaldebt#government&#8221;>publicly-held<\/a> The ratio of debt to GDP is barely changing <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/43907-BudgetOutlook.pdf#page=6\">76.3%<\/a> To be published in 2013 <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/43907-BudgetOutlook.pdf#page=6\">77.0%<\/a>\u00a0In 2023, there will be a 1% increase. Krugman did not reveal that the current <em>Policy<\/em> Projection showed the debt increasing by <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/43907-BudgetOutlook.pdf#page=11\">14%<\/a> During the same time period. It actually grew by a record. <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2022\/08\/msr_fy2023.pdf#page=31\">Around 28%<\/a>This is 28 times the current <em>law<\/em> Krugman cited projection<\/p>\n<p>Now fast forward to 2023 and Krugman appears. <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Argumentation<\/a> that CBO\u2019s latest debt projections have become \u201cmuch less dire\u201d Since 2011. He supports this claim by comparing <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/112th-congress-2011-2012\/reports\/06-21-Long-Term_Budget_Outlook.pdf#page=22\">Current <em>policy<\/em><\/a> CBO projections <em>2011<\/em> To <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-07\/57971-LTBO.pdf#page=5\">Current <em>law<\/em><\/a> CBO projections <em>2022<\/em>. Then he compares the projections. <em>2035<\/em>It is not possible to compare actual outcomes with these results.<\/p>\n<p>Krugman refers, in addition to being deceitful, to the 2011 current <em>policy<\/em> His projections <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Recent columns<\/a> As \u201cthe <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/112th-congress-2011-2012\/reports\/06-21-Long-Term_Budget_Outlook.pdf#page=12\">most realistic scenario<\/a>.\u201d But he mentions the 2022 <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-07\/57971-LTBO.pdf#page=5\">Current <em>Law<\/em><\/a> He uses the same column for his projections without giving the impression that he is using the most realistic scenario. His projections are the same. <a href=\"http:\/\/krugman.blogs.nytimes.com\/2009\/08\/23\/how-big-is-9-trillion\/\">2009<\/a>  <a href=\"https:\/\/www.nytimes.com\/2013\/03\/11\/opinion\/krugman-dwindling-deficit-disorder.html\">2013<\/a> columns.<\/p>\n<p>In short, Krugman stealthily switches between CBO\u2019s current <em>law<\/em> Current <em>Policy<\/em> He uses projections to create a counterfactual narrative, while also avoiding his own failure projections.<\/p>\n<p><strong>Interest Payments<\/strong><\/p>\n<p>Krugman is the exception in one case <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Comparable<\/a> A projection of an actual outcome. This is CBO\u2019s 2011 current <em>policy<\/em> Projections for interest payments on national debt in 2021. Krugman is correct in noting that CBO had projected that interest payments would be <a href=\"https:\/\/www.cbo.gov\/sites\/default\/files\/112th-congress-2011-2012\/reports\/06-21-Long-Term_Budget_Outlook.pdf#page=22\">4.4% of GDP<\/a> They were not available in 2021. <a href=\"https:\/\/fred.stlouisfed.org\/series\/FYOIGDA188S\">Less than half<\/a> That is what it is.<\/p>\n<p>Krugman ignores however the fact that such an outcome comes at a high cost. During the Great Recession of 2007\u20132009 and the Covid-19 pandemic, the Federal Reserve <a href=\"https:\/\/www.justfacts.com\/monetarypolicy#quantitative\">suppressed Interest rates<\/a> By creating money to purchase federal debt. This temporary <a href=\"https:\/\/www.justfacts.com\/nationaldebt#interest_drivers\">Lower<\/a> Not only does it pay interest, but the debt also has to be paid. <a href=\"https:\/\/www.justfacts.com\/monetarypolicy#inflation_effects_asset\">Shifts<\/a> Wealth can be found in middle-income households as well as high-income households <a href=\"https:\/\/www.justfacts.com\/monetarypolicy#inflation\">Stokes<\/a> Inflation, which is bad for people now and can drive up interest costs for the future, is something that will hurt them.<\/p>\n<p>Federal Reserve economist, ahref=&#8221;https:\/\/www.stlouisfed.org\/on-the-economy\/2022\/aug\/inflation-real-value-debt-double-edged-sword&#8221;>Christopher J. Neely<\/a>, \u201cunexpected inflation will tend to raise the cost of servicing future U.S. debt\u201d because investors won\u2019t buy it unless interest rates are high enough to account for the inflation.<\/p>\n<p>Krugman offers a meek nod to this reality <a href=\"https:\/\/www.nytimes.com\/2023\/01\/23\/opinion\/government-debt-deficit.html\">Writing<\/a> Interest payments \u201cwill rise as existing debt is rolled over at higher interest rates,\u201d However, this is still a long way from admitting the extent of the harm that this can do.<\/p>\n<p><strong>Consequences<\/strong><\/p>\n<p>One of the most nefarious aspects of government debt is that it hurts people through economic mechanisms that aren\u2019t always obvious to them. Politicians who are unable to see the truth can exacerbate this murkiness. <a href=\"https:\/\/www.justfacts.com\/nationaldebt#media-context\">run up debt<\/a>  <a href=\"https:\/\/www.justfactsdaily.com\/question-of-the-day\/291744\">False<\/a> Blame <a href=\"https:\/\/www.warren.senate.gov\/newsroom\/press-releases\/warren-calls-out-big-grocery-chains-for-putting-company-profits-over-customers\">Others<\/a> Excessive debt can have many negative effects.<\/p>\n<p>Those effects\u2014<a href=\"https:\/\/www.justfacts.com\/nationaldebt#consequences\">documented<\/a> in publications of the Government Accountability Office, the Congressional Budget Office, the Brookings Institution, and Princeton University Press\u2014can manifest gradually or abruptly in the form of:<\/p>\n<ul>\n<li>Reduced \u201cliving standards\u201d  \u201cwages.\u201d<\/li>\n<li>\u201chigher inflation\u201d That number is on the rise \u201cthe size of future budget deficits\u201d Both increases and decreases \u201cthe purchasing power\u201d of citizens\u2019 savings and income.<\/li>\n<li>\u201closses for mutual funds, pension funds, insurance companies, banks, and other holders of federal debt.\u201d<\/li>\n<li>Increasing \u201cprobability of a fiscal crisis in which investors would lose confidence in the government\u2019s ability to manage its budget, and the government would be forced to pay much more to borrow money.\u201d<\/li>\n<\/ul>\n<p>There are potential dangers that government debt will have on the horizon. They may already be in the future. They may have already begun.http:\/\/www.justfacts.com\/immigration.asp#association_causation&#8221;>association It does not prove causation<\/a>The rapid rise in national debt over the past several decades was accompanied by periods of historically low growth <a href=\"https:\/\/www.justfactsdaily.com\/luckiest-generation\/\">GDP<\/a>, <a href=\"https:\/\/www.justfacts.com\/news.record.low.productivity.asp\">productivity<\/a>, and &#8220;a href=&#8221;https:\/\/www.justfactsdaily.com\/factual-obamas-presidency\/&#8221;>household Income<\/a>. These economic results cause a host <a href=\"https:\/\/www.justfacts.com\/income_wealth_poverty#gdp\">negative impacts<\/a> on human welfare in areas such as education, nutrition, and healthcare <a href=\"https:\/\/www.justfacts.com\/healthcare#international_health_outcomes\">life expectancy<\/a>.<\/p>\n<p>When such problems arise, ahref=&#8221;https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2021\/03\/American-Rescue-Plan-Fact-Sheet.pdf&#8221;>politicians<\/a> People love it. <a href=\"https:\/\/www.nytimes.com\/2010\/10\/11\/opinion\/11krugman.html\">Krugman<\/a> These hardships are used to justify increasing debt. Therefore, the negative effects of government debt continue to increase.<\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>The scandalous Enron corporate accounting scandal in the late 1990s and early 2000s saw the federal government a>=&#8221;https:\/\/www.justice.gov\/archive\/opa\/pr\/2006\/October\/06_crm_723.html&#8221;>prosecuted And jailed<\/a> Enron\u2019s executives <a href=\"https:\/\/picker.uchicago.edu\/Enron\/courtdoc-enron-consol-complaint.pdf\">Because they<\/a> \u201chid Enron\u2019s true financial condition\u201d  \u201cmaterially understated\u201d The \u201camount of debt carried by Enron\u2026.\u201d<\/p>\n<p>Paul Krugman has been doing this for the U.S. National Debt over a decade. The right to <a href=\"https:\/\/www.justfacts.com\/free_speech\">Free speech<\/a> forbids laws that would punish columnists who mislead their readers like executives who mislead their investors, Krugman\u2019s actions have the potential to cause more harm than Enron\u2019s. That\u2019s because Enron\u2019s deceptive statements were measured in <a href=\"https:\/\/picker.uchicago.edu\/Enron\/courtdoc-enron-consol-complaint.pdf#page=15\">Billions of dollars<\/a>, while Krugman\u2019s are in the trillions. Thus, Krugman\u2019s disinformation can damage the entire country and generations to come if lawmakers and voters act on it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>James D. AgrestiFebruary 17, 2023 Paul Krugman in Mexico City, 2013. Credit: Tanya Lara\/Shutterstock.com In recent years, the national debt has increased at an alarming rate and is now Now higher than any era of the nation\u2019s history\u2014even when adjusted for inflation, population growth, and economic growth (GDP). You cannot deny this fact Nobel Prize-winning &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1851143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[9514,5487,13919,3749,18941,12628,4107,5531],"class_list":["post-1851140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-accounting","tag-debt","tag-economist","tag-hack","tag-jailworthy","tag-krugmans","tag-national","tag-paul"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1851140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1851140"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1851140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1851143"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1851140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1851140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1851140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}