Mistakes

Mistakes

Escrito por Paul Krugman - The New York Times

So, what big mistakes have I made over the years? Two, I think.

The first was in the mid-1990s, when I pooh-poohed claims about a surge in US productivity growth. I saw some bad logic in the arguments the productivity enthusiasts were making, and — being the professor I am — I extrapolated that into being dismissive of everything they were saying. In fact, the productivity surge was real.

The second was circa 2003, over the Bush administration’s use of the illusion of victory in Iraq to push through more tax cuts, even though the optimistic budget projections used to justify the first round had proved completely wrong. It’s worth pointing out that the situation was not at all like the present, where I support temporary deficit spending to deal with a depressed economy; the Bushies were pushing permanent tax cuts that had nothing to do with economic stimulus, and did so at a time of war with no offsetting spending cuts (and then pushed through an unfunded expansion of Medicare too). This struck me at the time as banana-republic behavior, and still does.

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