Yesterday, Erick Erickson at RedState summarized an absolute obliteration of Paul Krugman:
…Paul Krugman attacked Jim Bunning last week for blocking the extension of unemployment benefits. Krugman said “What Democrats believe is what textbook economics says”, namely that the government should keep paying unemployment benefits.
There’s just one problem. As James Taranto pointed out, a Nobel Prize winning economist has written a very popular textbook that points out exactly what Republicans are saying — “Public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect . . . . Generous unemployment benefits in some European countries are widely believed to be one of the main causes of “Eurosclerosis,” the persistent high unemployment that affects a number of European countries.”
The author? Nobel Prize winning economist Paul Krugman and his wife Robin Wells.
Paul Krugman, editorial hack, loses.
