I’ve been trying to think of a way to add some value to New York Times columnist Paul Krugman’s blog post on the “cult of centrism,” which he’s now expanded into a column. I can’t think of much other than to urge you to read it. The media’s insistence on balancing sanity with insanity and truth with lies is not only infuriating, but it’s having a deleterious effect on our democracy, especially in the unspeakably stupid debate over the debt limit. Today, even John Boehner might agree.
Here’s one thing I can recommend that might help place Krugman in context. In early 2009 — even before President Obama took office — Krugman, a Nobel Prize-winning economist, wrote a series of columns arguing that the economic stimulus Obama was proposing would not be enough to offset the worst economic crisis to come along in many decades. Krugman pulled all the strings together in early March, arguing that the $787 billion stimulus was too small and too tilted toward tax breaks, and that when it failed, Obama would be blamed for “massive,” out-of-control spending.
It doesn’t get more prescient than that. And this week Krugman proves himself to be as an astute a media critic as he is a political economist.