Its important to get history right — and economist and New York Times columnist Paul Krugman has gotten it maddeningly wrong. Krugman recently wrote a column arguing that the decline of double-digit inflation in the 1980s was the decades big economic event, not the cuts in tax rates usually touted by conservatives. Actually, I agree with Krugman on this. But then he asserted that Ronald Reagan had almost nothing to do with it. Thats historically incorrect. Reagan was crucial. In nearly four decades of column-writing, I cant recall ever devoting an entire column to rebutting someone elses. If there were instances, theyre long forgotten. But Krugmans error is so glaring that it justifies an exception. Its also a subject about which I know something, having written a book on it: The Great Inflation and Its Aftermath: The Past and Future of American Affluence. This column draws from that book. Read more at jewishworldreview/0115/samuelson011215.php3#lIrS8sr1ttIYv775.99
Posted on: Mon, 12 Jan 2015 22:23:45 +0000
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