Yesterday, when we were musing about what sort of re-branding Team O was going to apply to their tired old bag of Keynesian stunts, little did we know that Paul Krugman was way out ahead of the curve with his messaging. How far out there? Like, way out there, man... way the freak out there.
Gird thyselves, people, against the gnarly Martians...
If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. And then if we discovered, oops, we made a mistake, there aren’t any aliens, we’d be better–
Good grief. How bad are things when you are coming up with Twilight Zone episodes to justify horrible economic policies? So bad, we almost ignored Fareed Zakaria's patently ridiculous dig-a-hole/fill-a-hole multiplier effect theory.
And to what Krugman is saying, doesn't this administration manage by crisis as it is, space alien threat or not?
Yep. Don't expect anything different economic policy-wise from Team O, however, how it is that it will be justified should prove to be highly amusing.