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Indeed, bcsfamily, you are right to call BS on Krugman -- and upbraid Joel for endorsing his hogwash. There isn't a thriving Krugman Truth Squad for nothing. And as Greg Mankiw points out, Krugman has a terrible record when it comes to economic predictions.

To take on but two of Krugman's anti-Reagan howlers:

Krugman praises Clintonomics, and slams Reaganomics, stating:

"Yes, there was a boom in the mid-1980s, as the economy recovered from a severe recession. But while the rich got much richer, there was little sustained economic improvement for most Americans.

Well, not exactly. Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years. And not only did the rich get richer, the poor got richer, too.

Krugman says:

When the inevitable recession arrived, people felt betrayed — a sense of betrayal that Mr. Clinton was able to ride into the White House.

That Bush I recession, one of the shortest and most mild on record, despite Clintonian campaign howls about the worst economy in the last 50 years, was over before Clinton took the oath of office. Clinton benefited from the lag in economic data compliation that put the truth out too late to help Bush I.

That's enough for now. Got work to do.