Out-of-touch millionaires with close ties to Wall Street have steered our economic policy for too long. As Larry Summers leaves the National Economic Council, President Obama should replace him with a real progressive who will stand up to the banks and fight for an economy that works for all Americans.

Politico recently noticed that every major contender for the 2012 Republican presidential nomination who isn’t currently holding office and isn’t named Mitt Romney is now a paid contributor to Fox News. Paul Krugman has an interesting take on this development

Why did you support Obama’s economic team in December 2008, and what has caused you to change your mind?

First Bai put his own thoughts about Social Security into the mouth of a congressman who repudiated him. Now he doubles down on his ignorance.

Orszag’s maiden voyage at the New York Times entitled “One Nation, Two Deficits,” is full of myths, and that’s the polite way to say it. I’ll review these and comment on each of them one-by-one.

Over the next few weeks, we will learn what the Obama Administration intends to do in response to the economy not recovering as promised with the 2009 stimulus. Today’s developments on that front are profoundly disappointing.

Paul Krugman got a lot of attention among leftward tweeters today for following Glenn Greenwald down the road of writing about the de-evolution of the United States into a de-developed nation, because of the irresponsible preference of its ruling elite for lower taxes rather than infrastructure and essential services, and also because of impact of a generation of fantasy anti-government rhetoric on American minds. Again, I was happy to see Paul take this issue up, but would have been much happier if he done so with, perhaps, a little more fire, and a little more insistence on what the Government ought to be doing, and why we need not, ever, worry about deficits in the abstract.

The rich pay next to nothing in taxes, if anything at all, and the result is our nation literally falling apart at the seams. We shouldn’t put up with this.

Adding a little personal commentary and context to Krugman’s post on deflation.

Contrast of economic cheerleaders Geithner and Bernanke versus the reality faced by long term un and underemployed workers