This is disingenuous, even on the Krugman Scale. So of course it’s Paul Krugman opining for the New York Times about the evils of cutting taxes:
Think about it: How can anyone imagine that lack of corporate cash is what’s holding back recovery in America right now? After all, it’s widely understood that corporations are already sitting on large amounts of cash that they aren’t investing in their own businesses.
Businesses exist to make money. If they’re sitting on their money — and they are — it’s for one of two reasons — or possibly both:
1. They’re afraid they won’t get a return on their investments.
2. They’re afraid they’re going to need all that money for future expenses.
Please note that both reasons are predicated on fear, even though Krugman asserts that uncertainty is a “myth.”
And what could explain both Reason One and Reason Two? Why, the very borrow & tax & spend & micromange policies espoused by Paul Krugman.