Former Supply-Side Guru
Bruce Bartlett declares : "For the record, no one has been more correct in his analysis and prescriptions for the economy’s problems than Paul Krugman. The blind hatred for him on the right simply pushed me further away from my old allies and comrades." Meanwhile, talking about blind... well, not hatred, but at least contempt, Bob Murphy takes two completely consistent statements by Krugman, which Krugman himself told us how to reconcile in a blog post, and tries to claim they are wildly inconsistent! Murphy is stunned by "Krugman now saying such threats [from our government's deficit] are impossible according to economic theory," completely ignoring the bit about "for a country in our situation." Because, you know, the US in 2003 was not in the situation the US is now, is it? For instance, the US in 2003 was not in a liquidity trap, which, according to Krugman, it is now. It is one thing to question Krugman's analysis, and, for instance, d...