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Magic Accounting

‘Even Critics of Safety Net Increasingly Depend on It,” read the front-page headline in the February 12 issue of the New York Times. Reporting from Chisago County, north of Minneapolis, the paper’s Binyamin Appelbaum and Robert Gebelo…

Keynes, Krugman, and Austerity

‘The boom, not the slump, is the right time for austerity at the Treasury.” Paul Krugman quoted this assertion, made by John Maynard Keynes in 1937, to frame “Keynes Was Right,” his final New York Times column for 2011. The mast…