The Daily Currant reports:
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.
Hat tip to Bill Anderson who emails:
Hilarious!!! Why haven’t I thought of spending my way out of a lower salary? (Yes, love the tongue-in-cheek, but this is such a good way to put things.) Krugman would claim that governments are “different” because they can borrow and print money at will. Of course, I can do the same, issuing Andersons as payment for goods. If I can get people to accept my paper, then I have “stimulated” the economy.
Source: Economic Policy Journal.
*The Daily Currant is satire for those unaware.