In response to:

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

johnm h Wrote: Jan 24, 2013 6:31 PM
Hayek underestimated the importance a bogus theory would become to the political class and to charlatans like Krugman.

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...