Krugman's Improbable History: 1938 in 2010

Paul Krugman:

1938 in 2010: we weren’t supposed to find ourselves replaying the late 1930s. President Obama’s economists promised not to repeat the mistakes of 1937, when F.D.R. pulled back fiscal stimulus too soon. But by making his program too small and too short-lived, Mr. Obama did just that: the stimulus raised growth while it lasted, but it made only a small dent in unemployment — and now it’s fading out. And just as some of us feared, the inadequacy of the administration’s...