Paul Krugman Then and Now

Kaus catches 2011 Paul Krugman disagreeing with with 2009 Paul Krugman:

2011: So what happened to the stimulus? Much of it consisted of tax cuts, not spending. Most of the rest consisted either of aid to distressed families or aid to hard-pressed state and local governments. This aid may have mitigated the slump, but it wasn’t the kind of job-creation program we could and should have had. [E.A.]

2009: Now the centrists have shaved off $86 billion in spending much of it among the most effective and most needed parts of the plan. In particular, aid to state governments, which are in desperate straits, is both fast because it prevents spending cuts rather than having to start up new projects and effective, because it would in fact be spent; plus state and local governments are cutting back on essentials, so the social value of this spending would be high. [E.A.]

Quick! Somebody give Paul Krugman another Nobel Prize in Economics.

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