McClatchy has the story Ahead of G20 summit, Obama camp says Romney crossed the line with Europe policy critique. The story quotes a Romney adviser.
The Romney piece by senior economic adviser Glenn Hubbard, ran in Handelsblatt, a German business newspaper. It took the administration to task for what Hubbard called an “unwise” strategy that showed “ignorance of the causes of the crisis and of a growth trend in the future.”
Talk about “ignorance of the causes of the crisis and of a growth trend in the future” Glennn Hubbard is the one displaying ignorance. As Dean of the Columbia University Graduate School of Business, perhaps you don’t need to know anything about macro-economics. If micro-economics is all you know, can you be forgiven for thinking that your knowledge applies to national and international economics? No, I do not think you can be forgiven. I learned more about macro-economics in my first economics course than Glenn Hubbard seems to be displaying here.
Of course Hubbard is playing “expert” witness to the Romney campaign. In that role, he says whatever the paymaster asks him to say.
In my previous post, We Don’t Need No Education, I quoted Paul Krugman as saying:
In fact, almost everyone following the situation now realizes that Germany’s austerity obsession has brought Europe to the edge of catastrophe — almost everyone, that is, except the Germans themselves and, it turns out, the Romney economic team.
You can’t just pick which expert you want to believe. You have to hear the explanation that backs up what they say. In this case the economic theory behind Paul Krugman’s remarks makes much more sense than the explanation behind what Hubbard has to say.