How bad is it? Well, Paul Krugman isn't the only nobel prozac winner getting off a plush university chair and putting his knowledge where his mouth is.
After 3.5 million job losses due to Bush's falsely stimulated subprime economy, and the subprime republicans cutting $98 million from the $megahundredbillion stimulus directed at feeding poor children at schools (it was the fiscally responsible thing to do), now the dismal scientists are looking at their retirement plans and resurrecting their dismal projections.
These guys are seeing all their trickle-down knowledge evaporate. They need new data. The old data is stagnant. They need new margins to extrapolate and leverage. The need Obama and the nation to succeed. Rush needs it to fail, and they know they will only have guns and butter if Rush is right. Maybe the economists will call for an apology for slavery and imperialism ... and false intelligence...if it stops or slows the ringing of revolution.
The economists changing ships, according to the Washington Post, include:
Allen Sinai, chief global economist for Decision Economics
Alice Rivlin, who was former president Bill Clinton's budget director
Alan Viard, a Bush administration economist now at the American Enterprise Institute
Robert Reischauer, president of the Urban Institute and former director of the Congressional Budget Office
N. Gregory Mankiw, a Harvard University economics professor who was chairman of former president George W. Bush's Council of Economic Advisers
Joseph Stiglitz, a Nobel Prize-winning economist at Columbia University and former chief economist at the World Bank
Janet Yellen, San Francisco Federal Reserve Chair(wo)man
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