Contra Krugman: Smashing the Errors of America's Most Famous Keynesian by Robert Murphy

Author:Robert Murphy [Murphy, Robert]
Language: eng
Format: epub
Published: 2018-08-11T22:00:00+00:00

But my point here is this: Krugman’s assessment of a merciless austerity budget, versus a reckless spending orgy, has nothing to do with the actual numbers. No, Hoover’s budget deficit must have been too small, because the economy kept getting worse. Just like Obama’s stimulus package must have been too small, because the economy got worse than any of Obama’s advisors had predicted.

Believing Is Seeing

Krugman’s habit of looking at the data and seeing whatever “facts” his Keynesian theory requires is beautifully illustrated in his commentary on a chart contrasting federal with state and local government spending:

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