Two more articles are implied by the one above:

1) The stimulus strategy: Take about $800B. Spend it overwhelmingly on the government sector shoring up education, inflationary government energy policy, and public union wages. Tell everyone it will stimulate the economy because, you know, it is the construction industry which is laying off people and rippling through the economy like a plague.

2) There are only a few sectors of the economy where prices have risen in the last 20 years. They are all defined by government control the likes of which most industries could never imagine: education, health care (even before Obamacare), military, and Medicare, social security, etc. They are now threatening the nation’s viability.

Why does anyone believe that even more government intervention and control in an incredibly complex system can fix what it has broken in the first place? It is like believing that multi-variate regressions on a highly complex non-linear system can prove that carbon dioxide affects the weather. No computer in the world could run the model that could get close to doing that correctly.

Keynes died a long time ago. The bureaucrats live on, including a devolving and hypocritical Krugman. There’s nothing quite so dangerous as a do-nothing academic who thinks he can model and control the economy, and use our money to do it.