06/25/2012 08:40 am ET Updated Aug 25, 2012

Paul Krugman: Everyone Saying Crisis Somebody Else's Responsibility

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.

Read more on The New York Times