« Links for 03-20-06 | Main | Market power in the U.S. economy today »

Monday, March 20, 2017

Paul Krugman: America’s Epidemic of Infallibility

"...inability to engage in reflection and self-criticism is the mark of a tiny, shriveled soul...":

America’s Epidemic of Infallibility, by Paul Krugman, NY Times: ...American politics — at least on one side of the aisle — is suffering from an epidemic of infallibility, of powerful people who never, ever admit to making a mistake.
More than a decade ago I wrote that the Bush administration was suffering from a “mensch gap.” ... Nobody ... ever seemed willing to accept responsibility for policy failures...
Later, in the aftermath of the financial crisis, a similar inability to admit error was on display among many economic commentators.
Take, for example, the open letter a who’s who of conservatives sent to Ben Bernanke in 2010, warning that his policies could lead to “currency debasement and inflation.” They didn’t. But four years later, when ... contacted..., not one was willing to admit having been wrong.
By the way, press reports say that one of those signatories, Kevin Hassett — co-author of the 1999 book “Dow 36,000” — will be nominated as chairman of Mr. Trump’s Council of Economic Advisers. Another, David Malpass — the former chief economist at Bear Stearns, who declared on the eve of the financial crisis that “the economy is sturdy” — has been nominated as undersecretary of the Treasury for international affairs. They should fit right in. ...
What happened to us? Some of it surely has to do with ideology: When you’re committed to a fundamentally false narrative about government and the economy, as almost the whole Republican Party now is, facing up to facts becomes an act of political disloyalty. ...
But what’s going on with Mr. Trump and his inner circle seems to have less to do with ideology than with fragile egos. To admit having been wrong about anything, they seem to imagine, would brand them as losers and make them look small.
In reality, of course, inability to engage in reflection and self-criticism is the mark of a tiny, shriveled soul — but they’re not big enough to see that. ...
Many Americans no longer seem to understand what a leader is supposed to sound like, mistaking bombast and belligerence for real toughness.
Why? Is it celebrity culture? Is it working-class despair, channeled into a desire for people who spout easy slogans?
The truth is that I don’t know. But we can at least hope that watching Mr. Trump in action will be a learning experience — not for him, because he never learns anything, but for the body politic. And maybe, just maybe, we’ll eventually put a responsible adult back in the White House.

    Posted by on Monday, March 20, 2017 at 10:26 AM in Economics, Politics | Permalink  Comments (46)


    Comments

    Feed You can follow this conversation by subscribing to the comment feed for this post.