NY Times Krugman: Bush Economy Not For All
Senior Editor, CNBC
The super rich are taking ever bigger slices of the U.S. economic pie and leaving only crumbs for the rest of America. That is the premise of a Paul Krugman article in the new issue of Rolling Stone. Krugman is a columnist for the New York Times and writes for RS. Krugman appeared on "Power Lunch" and made his points--with Tim Kane from the Heritage Foundation offering some counter punches.
Krugman says that the economic disparity has only gotten worse--and that's one of the big reasons President George Bush is not getting credit for a seemingly healthy economy. He says that polls are showing the American public not very happy with the economy--despite any GDP growth numbers. He says only a small group at the top--maybe 1 percent--is seeing any real benefits.
Kane says it's more of a philosophical issues--and that wages are up for blue collar workers and that education is a key element when it comes to real wage increase.
Krugman counters that may people on top--getting the "benefits"--don't always have more education than those below. One last point from Kane: it's about the freedom for people to chose what they want to be.