Will v. Krugman on the Depression

Nice work as the Nobel Prize winning economist takes on the conservative columnist. Will argues that New Deal policies made the Depression worse. Krugman retorts that the New Deal was working nicely until FDR’s concern with balanced budgets and fiscal restraint created a new recession. Conservatives are right, in other words, that the “everything was terrible until FDR came along and fixed the Depression” story is wrong, but FDR’s problem was being too conservative

Now obviously what Krugman has to say here isn’t the last word on the subject. This is TV sound bites, not a scholarly journal of economic history. But this is why it’s important to have smart, engaged progressives on television. If only there were more.