If you read just one post today, let it be this one by Paul Krugman at NYT:
So the story isn’t “irresponsible politicians will always squander the good years”; it is “conservative Republican politicians run up debt even in good years, because they want to force cuts in social programs.” Kind of a different story, isn’t it?
The point, then, is that the seemingly worldly-wise cynicism that seems to be the last defense against the economically obvious is in fact based on an imaginary history that looks nothing like what actually happened.
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