Joseph Solis-Mullen takes on the many economic fallacies in a classic article by New York Times columnist Paul Krugman.

“Krugman’s arguments are fundamentally flawed because they mischaracterize the nature of government debt, ignore the distortive effects of deficit spending, and downplay the long-term consequences of state intervention in the economy.

One of his central claims is the fallacy that 'we owe it to ourselves.' He argues that government debt is largely irrelevant because much of it is owed domestically—meaning that one group of Americans (taxpayers) owes money to another group (bondholders). However, this framing ignores the real issue...”

I miss Contra Krugman.