In his mea culpa, Krugman admits: “Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call.”
To say the least: 18 months ago Krugman predicted a “soaring Reagan-like ‘morning in America’ recovery.”
But in typical Krugman fashion, the Nobel winner still refuses to concede that the government spending “stimulus” model failed miserably. Instead, he blames factors like the pandemic and Putin.
Krugman explains his errors by saying his prediction was based on “historical experience.” But WHAT historical experience is he talking about? Government stimulus didn’t work for FDR in the 1930s, or Obama in 2009, or Japan over the last 30 years, or Europe, or anywhere at any time.