drieuxster (drieuxster) wrote,

once again Krugman IS WRONG!

Via Dean Baker, Robert Samuelson declares — as a simple fact — that
Johnson’s economic policies, inherited from Kennedy, proved disastrous; they led to the 1970s’ “stagflation.”
Wow. I didn’t know that. Neither, as far as I know, did any economist who has actually studied the issue.
The appearance of stagflation was a win for conservative economics, but it was conservative monetary economics that was partly vindicated: Milton Friedman’s assertion that there is no long-run tradeoff between inflation and unemployment turned out to be correct, and is now part of the standard canon.

But where is the Great Society in all this? Nowhere. The claim that stagflation proved the badness of liberal ideas is pure propaganda, which not even conservative economists believe.

PS: all this comes in the middle of a column whining about favorable press treatment of Obama. Did Samuelson complain equally about the loving treatment Bush received for several years after 9/11? Somehow I don’t remember that...

[ cf The stagflation myth ]
Clearly if Krugman did not know the TRUE TRUTH that is Truthier about how the party Line is Linear in all equations! Then it logically follows that he has been engaged in the Anti-State Terrorism of Suppporting Obama, whom we all know has been indicted by TeaBagging Grand Juries all over the Universe, which just goes to show that the True American Military No Longer Supports the Failed Krugmanite Evil Liberal Agenda of spewing false histories!!!

Long Live the Great War Heroes of the Holy Crusade against Unbelievers!!! who will free us from the Welfare Queens of the DOD....
Tags: economics

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