New Economics Perspectives has the William Black post If New York Times Reporters Won’t Read Krugman about Austerity Will they Read Brooks?
I have written repeatedly about the New York Times’ needs to create a prize in incompetence in macroeconomic reporting (IMR) and suggested that the paper award the IMR prize to its reporters. I suggested that the prize consist of a two hour lunch with Paul Krugman in which he will provide them with a remedial lecture on why austerity is an economically illiterate response to a recession.
I dedicate the above link to all who hold The New York Times in such high regard for their honesty in reporting all the news that fits in print.
To bolster my confirmation bias in what stories I choose to emphasize, Black goes on to say,
Notice that Shear treats the “looming debt crisis” and desirability of deficit reduction as facts so obviously true that they require no analysis. There is no “looming debt crisis” for the U.S. government and the deficit has been reduced too quickly. Notice that Shear implicitly treats federal budget deficits as harmful. There are circumstances where that could be true due to inflation and very high capacity utilization. We are not remotely in those circumstances.
I have emphasized the last two sentences, so that people won’t try to raise the false argument about inflation and crowding out private investment. To get what Bill Black and I are saying, refer to the video below.
For everything there is a season, and this is not the season for austerity. Could it be more plain?