Among economists who know their history, the mere mention of certain years evokes shivers. For example, three years ago Christina Romer, then the head of President Obama's Council of Economic Advisers, warned politicians not to re-enact 1937 -- the year F.D.R. shifted, far too soon, from fiscal stimulus to austerity, plunging the recovering economy back into recession. Unfortunately, this advice was ignored.
Paul Krugman: Everyone Saying Crisis Somebody Else's Responsibility