Krugman Still Wrong After All These Years

Keynesian economists, for which Krugman is the high priest, believe that it is possible to spend one's way out of a recession even though it was excessive spending that caused the boom and the subsequent bust.

We tried it Krugman's way once already, and the result was a housing (credit) bubble of epic proportion. Not having learned a damn thing, the typical Keynesian response is to attempt to create an even bigger bubble.