The dismal science

Paul Krugman in today's NYT has the right of it when he says the party in power in most democracies is judged not by the totality of their economic policies, but the results during the last few months before elections.   That's how the conservatives in Great Britain may be rewarded for 5 years of growth killing policy with an electoral win.   The economy in that country has been relentlessly poor as the government imposed fiscal austerity kept 99% of the population from seeing any increases in well being.  Despite this, the country's economy is finally growing and the media is allowing the ruling party to crow that it's policies are vindicated.  So, 4-5 years of suffering followed by 2 months of growth is a triumph?  Have I got a deal for you on a well used bridge in Brooklyn!