Krugman on the Return of Depression Economics
Today on Krugman’s blog:
I was alerted to this Media Matters post, revealing that people still don’t get why the current slump is different from the early 1980s, and why fiscal policy is necessary this time. Yes, I know, it’s Joe Scarborough; but still …
Anyway, it’s the zero lower bound, stupid. And here’s the picture to make the point:
It reminds me of his post from a few days ago where he pointed to another Media Matters article that detailed how ABC News was reporting on income tax wrong… shouldn’t these “news” organizations hire people who actually understand what they are covering?
