Without technically lying, Krugman perpetuates the myth that Herbert Hoover insisted on budget austerity in the midst of the Great Depression.
March 26th, 2010 | Robert P. Murphy | 0 comments | ContinuedArchive for Robert P. Murphy
Robert P. Murphy has a PhD in economics from NYU and is author of The Politically Incorrect Guide to the Great Depression and the New Deal (Regnery 2009). He runs the blog Free Advice.
Herbert Hoover and the Great Depression
Let’s first set the record straight on Herbert Hoover’s fiscal policies. Contrary to what you have heard and read over the last year, Hoover behaved as a textbook Keynesian after the stock market crash. He immediately cut income tax rates by one percentage point…
July 16th, 2009 | Robert P. Murphy | 6 comments | Continued
CBO is Not a Doom-and-Gloom Forecasting Service
This should be rather surprising to anyone who actually took Obama at his word when he promised to restore fiscal discipline to Washington. In fact, the CBO projects that the outstanding federal debt held by the public will increase from 40.8% of GDP in 2008 to 82.4% in 2019.
April 24th, 2009 | Robert P. Murphy | 0 comments | Continued
