Dr. Paul Krugman declared personal bankruptcy!
Krugmanomics: Spend like Hell and hope you win the lottery!
The genius economist who has guided Obama from the pages of the NY Times, the man who continually encourages the US to spend, spend, spend, apparently took too much of his own advice.
Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.
In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.
The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.
The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth…
He only has 33,000 so are the taxpayers going to get stuck with most of his bills now that he’s bankrupt? I think so.
Just a question. If it doesn’t work for Dr. Paul Krugman, why would it work for the US?
(P.S. THIS IS A SATIRE FROM THE DAILY CURRANT – JUST MAKING A POINT.)