Paul Krugman: Let the Supercommittee Fail!

New York Times columnist Paul Krugman is at his most curmudgeonly in today’s column as he cheers the inevitable failure of the debt-reduction supercommittee in Congress. For one thing, a grand bargain consisting of spending cuts and modest tax hikes likely would have starved an already ailing economy. What’s more, once Republicans regained power they probably would have reneged on the deal and cut taxes again. In reality, Krugman writes, success was never an option: “Republicans and Democrats don’t just have different priorities; they live in different intellectual and moral universes.”