Who's Fault the Financial Crisis?

Drawing on a chart from Ryan Avent, Paul Krugman makes an absolutely correct point about the economic histoyr of the last four years:

As John Quiggin has been emphasizing, this across-the-board poor performance puts the lie to claims that it’s all because of that scary Obama person; in fact, the US has done better than the rest, although still quite badly — this is indeed a race between the halt and the lame.

Of course, the corollary is that this also puts the lie to claims that it's all because of that terrible Bush person. This was a global crisis. Attributing the last four years to either Republicans or Democrats is myopic American parochialism.

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Megan McArdle

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