New York Times columnist said on the Colbert Report television program on Monday.
"They've laid off a large fraction of their public workforce, they've slashed spending, they've had extreme austerity programs, they haven't really raised taxes on corporations or the rich at all, they have 14-percent unemployment, 30-percent youth unemployment, zero economic growth," Krugman said.
"Conservatives like Romney loved Ireland's economic program before the country fell into a depression, in part because it had the lowest corporate tax rates," he pointed out.
Ireland joins fellow eurozone countries Belgium, the Netherlands, Italy, Portugal and Greece in recession.
Its economy fell into downturn again at the end of last year, and forced the government to take a full-scale sovereign bailout.
Romney recently suggested that the US government should lay off more firemen, policemen, and teachers, according to CNN.
Romney's campaign website says that the Republican candidate would aim to slash federal spending at least 18 percent by the end of his term if elected to the White House.
American economist Paul Krugman warns that the United States would sink into a financial disaster, like the one in Ireland, if Republican presidential contender Mitt Romney won the race.
"Ireland is Romney economics in practice," the recipient of the 2008 Nobel Prize in economics and