Tuesday, October 02, 2012

How Does Paul Krrugman Like His Comeuppance Served?

Time magazine asks, Are We Already In A Recession?, and seems ready to provide oodles of data that indicate that yes,we are.  But note that they open the piece with a quote from political economist Paul Krugman:

“The official definition of recession has become delinked from peoples’ actual experience. Right now, we’re in an economy with deteriorating employment and incomes, collapsing home prices, and business retrenchment. Is it also an economy in recession? Who cares?”

Well, Krugman wrote that paragraph back in 2007, when the President was one George W. Bush. 'Ol Krugman didn't care about the particulars back then, he was in the business of defaming the sitting president and working to place one Barack Hussein Obama in the White House.

But now that he has done so, it seems as if the Krugman definition of recession - you know it when you see it - now applies to the economy being presided over by his own personal Jesus.   And this certainly  feels like an economy in ruins, regardless of what data a less-than-trusted administration (or a crooked economist) supplies to prove otherwise.

Glad Time decided to bust this chestnut out.  Although if they had realized the damage it actually does to the Obama brand, they probably would have left it buried...

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