Saturday, July 30, 2011

Why I'm not a liberal

John McCormack on Twitter and Jonah Goldberg draw attention to Paul Krugman's takedown of Reagan's economic performance.

Says Paul:   "First Michael Boskin, now John Taylor: there seems be an epidemic of politically conservative economists who used to be technically competent repeating the obviously wrong falsehood that Reagan ushered in an era of “unprecedented” growth.
No matter what measure you use, it just ain’t so"

Krugman's evidence is a chart showing the average multifactor productivity growth for the periods:
1948 - '73  (1.9%)
1973 - '90 (0.3%)
1990 - '95 (0.5%)
1995 - '00 (1.3%)
2000 - '07 (1.4%)
2007 - '10 (0.7%)

Hilariously the comments for this are all positive.  And if you can look at the chart and think Krugman's nailed it, you too have what it takes to be a liberal. If, on the hand, you're baffled, wondering what he's talking about given that Reagan was President from 1980 to 1988 (Ford, Carter, Reagan, part of Bush I = Reagan???), there might be hope for you.

No comments:

Post a Comment