The Sad Thing Is That Narayana Kocherlakota Was Supposed to Be the Smart One Among the Minnesota Economists...

...and that Bill Clinton once knew what economists to talk to to construct his talking points.

Paul Krugman:

Structure of Excuses: What can be done about mass unemployment? All the wise heads agree: there are no quick or easy answers. There is work to be done, but workers aren’t ready to do it — they’re in the wrong places, or they have the wrong skills. Our problems are “structural,” and will take many years to solve. But don’t bother asking for evidence that justifies this bleak view...