I suggest Ezra look at the chart of deficits and blue bar, have Yglesias check it out. Fond me a spot where deficits are increasing, and 100% of the time you get recession.
How are you and Krugman going to explain the next blue bar, because you both know deficits will be increasing, before, after and during the coming recession? Is Krugman saying that blue bars are OK? Either that or he has to explain this chart, or he has to get out of the arena. Denial of this chart is tantamount to stupidity.
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