06/08/2012 08:14 am ET Updated Aug 08, 2012

Paul Krugman Backs Reagan-Style Economics

There's no question that America's recovery from the financial crisis has been disappointing. In fact, I've been arguing that the era since 2007 is best viewed as a "depression," an extended period of economic weakness and high unemployment that, like the Great Depression of the 1930s, persists despite episodes during which the economy grows. And Republicans are, of course, trying -- with considerable success -- to turn this dismal state of affairs to their political advantage.

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