As the effects of the recession linger, long after economic growth has resume, and prospects for a "double-dip" appear to be increasing, I am increasingly convinced that Paul Krugman was right all along to call for a much larger stimulus; and I believe he is right now about the need for additional stimulus. I am not surprised to find myself in agreement with him on these issues. After all, Krugman is a leading economist and a very smart man.
I can't help wondering, however, whether the power of Krugman's arguments and authority might have had more influence on government anti-recession policies, had he had not written so much stuff, basically as a shill for the Democratic Party, on issues well beyond his economic expertise. It would be ironic, indeed, if his heightened participation in politics, as a columnist for the New York Times, has reduced his political influence and credibility on policy issues he knows best.