This article discusses the fact that the predictions of the mainstream economists were, once again, completely incorrect.
I wanted to bring this to everyone's attention because it seems that Krugman still thinks that Keynes is correct, yet can't see that he's been wrong and disproven for at least 3 decades now.
Wrong and disproven....is this the claim that "cutting taxes for rich people creates jobs"?
Did you read the article? it would seem not.
The article discusses that Krugman and many other Keynesian economists argued that creating $300 billion bucks outta thin air would lower employment as opposed to letting things alone.
Murphy goes on to show that WITH the injection of money, things were WORSE than Krugman and the others had predicted IF THEY HAD DONE NOTHING.
To put more succinctly: they said that if we don't give the dog a bone, it'd run away, but we gave the dog a bone, and it ran away with our car.
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