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PAUL KRUGMAN
BACKSTORY
A Long
Demise
Rail cars outside a coal loading terminal in Wyoming. President Obama has made reducing emissions from coal a focus of his second term.
a criminal or anyone else who seeks
to do us harm. Millions of Americans
feel that way.
Back when I was a new assistant
professor at Yale, one of the universitys grad students got mugged
New Haven was a rough place at
the time. Another student started
boasting that he would have stood
up to the muggers and was rightly
greeted with jeers: And strangled
them with your eyeglasses.
Adults are supposed to realize that
they arent characters in a Bruce Willis movie. But Republican presidential
candidates not only have such fantasies, they are actively proud of them.
Awesome.
250
200
150
Solar
100
50
Coal mining
1985
1990
1995
2000
2005
2010
2015
THE NEW YORK TIMES
ONLINE: COMMENTS
Comments have been edited for clarity and
length. For Paul Krugmans latest thoughts
and to join the debate online, visit his blog at
krugman.blogs.nytimes.com.
PAUL KRUGMAN
As a budget-constrained senior
citizen, I find that spending less
on gasoline these days means that
I have more to spend on my perpetually increasing rent.
RICHARD, CALIFORNIA
less, to be liquidity-constrained as
compared to consumers. Saudi Arabia, for example, has been forced to
institute severe austerity policies,
and highly indebted fracking companies are finding themselves faced
with balance sheet crises.
Or to put it differently: Small oil
price declines may be expansionary
through the usual channels, but really big declines set in motion a process of forced deleveraging among
producers that can be a significant
drag on the world economy, especially when the entire advanced world is
still in or near a liquidity trap.
Oh, and a belated happy new year.
Paul Krugman
joined The New
York Times in 1999
as a columnist on
the Op-Ed page
and continues
as a professor of
economics and
international
affairs at Princeton
University. He was awarded the
Nobel in economic science in 2008.
Mr. Krugman is the author or editor
of 21 books and more than 200
papers in professional journals and
edited volumes. His latest book is
End This Depression Now!