In Praise of Paul Krugman

Here’s the Economist’s DIA Blog noting how Paul Krugman got it right in his criticism of Paul Ryan’s response to the SOTU. Krugman’s take is to point out how Paul Ryan just got his facts wrong. The Economist goes farther and says:

But the “poor decisions made in Washingon and Wall Street” were decisions to cut income taxes irresponsibly during a recovery, to deregulate the financial sector, to shift the resulting risks onto American taxpayers, and to make financial institutions and investors whole rather than forcing them to accept haircuts and cramdowns. We, our children and grandchildren will have to pay off heavy debts because government abdicated its responsibility to regulate and restrain the financial sector. Mr Ryan and his party, who have vowed to roll back last year’s financial-regulation bill, seem intent on compounding that error. The last thing we need is to “unshackle” the financial industry again.

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