http://krugman.blogs.nytimes.com/2011/09/02/fatal-distraction/?smid=tw-NytimesKrugman&seid=autoThe awful thing is that those of us who warned about all this — based not on some unorthodox doctrine, but on basic textbook macroeconomics — weren’t so much argued down as just ignored. Somehow, those with actual power were convinced that fiscal austerity wasn’t just an option but the only option, and that anyone arguing with that — even people like me and Joe Stiglitz, who had a few easy-to-understand credentials — were just not part of the serious discussion.
I haven’t fully organized my thoughts on exactly why this happened. But whatever the reasons, we are now reaping the consequences of a disastrous distraction of policy makers, who have been fighting phantoms while the real problems festered.
Thanks for posting this. I follow him when I can get his articles and postings. I think he has been dead on and he is ignored as too liberal.
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