Is Anybody Surprised that Krugman Was Wrong about U.K. Fiscal Policy?

Is Anybody Surprised that Krugman Was Wrong about U.K. Fiscal Policy?

Just like in the United States, politicians in the United Kingdom use the deceptive practice of “baseline budgeting” as part of fiscal policy.

This means the politicians can increase spending, but simultaneously claim they are cutting spending because the budget could have expanded at an even faster pace.

Sort of like saying your diet is successful because you’re only gaining two pounds a week rather...