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Monday, November 22, 2004

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 Krugman: US in danger of becoming a banana republic

Princeton economics professor Paul Krugman says the economic policies of President Bush have set the country on a dangerous course that will likely end in financial crisis:
The most immediate worry for Krugman is that Bush will simultaneously push through more tax cuts and try to privatize social security, ignoring a chorus of economic thinkers who caution against such measures.

"If you go back and you look at the sources of the blow-up of Argentine debt during the 1990s, one little-appreciated thing is that social security privatization was a important source of that expansion of debt," said Krugman.

In 2001, Argentina finally defaulted on an estimated $100 billion in debt, the largest such event in modern economic history.

"So if you ask the question do we look like Argentina, the answer is a whole lot more than anyone is quite willing to admit at this point. We've become a banana republic."

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