Yesterday's Krugman

[AlCzervik]

I always read him as many of you do but that opening salvo in yesterdays piece had me rolling.


White House budget director plans to put on an aviator costume, march up to a microphone and declare Mission Accomplished in the war on deficits

Seriously, the administration is poised to do the same thing on the budget that it has done again and again in Iraq: claim that a modest, probably temporary lull in the flow of bad news shows that victory is around the corner and that its policies have been vindicated.

So let me do some pre-emptive de-spinning and debunking.

And nonpartisan budget experts, such as Ed McKelvey of Goldman Sachs, believe that even the limited good news on the budget is a temporary blip, not a turning point. Douglas Holtz-Eakin, the director of the Congressional Budget Office, warns us to take the new revenue figures with a "grain of salt," and declares that "if you take yourself to 2008, 2009 or 2010, that vision is the same today as it was two months ago."

http://www.nytimes.com/2005/07/11/opinion/11krugman.html?