The right thing for Tyler Cowen to do is to use the strikeout tag and apologize for publishing a misleading graph.
That's not what he does:
Tyler Cowen: Real vs. nominal dollars for discretionary spending: Matt Yglesias tweets:
Did every libertarian in America suffer mass amnesia about the difference between real and nominal dollars yesterday?
Others complain as well. Keep in mind a few things:
- The spending forecast itself is made in terms of nominal dollars and that is what I, and others, reported. Bloggers report nominal dollar magnitudes all the time, without pretending to be tricking anybody…
Bloggers do. Economists don't.
That is all.
Start playing for Team Republican and you lose your mind...