In a new blog post Wednesday, New York Times columnist Paul Krugman slammed President Obama for his mismanagement of the fiscal cliff negotiations. According to Krugman, Obama could “go down in history as the wimp who threw it all away.”
Krugman argues that going over the fiscal cliff wouldn’t have impacted the economy for weeks or months, and therefore Obama shouldn’t have been so concerned about getting a deal in place at the last minute.
Feeling “despondent,” Krugman says Obama acted “desperate to cut a deal before the year ended.”
“Now, given his evident antsiness to cut a deal in this case, how credible is his promise to hang tough over the debt ceiling, which is a much brighter red line?”
It’s not. As Krugman notes, “nothing in his past behavior makes that believable.”
“The only thing that might save this situation is the fact that Obama has to be aware just how much is now riding on his willingness to finally stand up for his side,” Krugman says.
Krugman isn’t optimistic, though, as he believes even having a legacy of being a “wimp” hanging over his head might not be enough to make Obama stand firm.
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