Mark Thoma: Un-Unpivoting
Mark Thoma:
Economist's View: Un-Unpivoting: While I try to find something to post, a quick thought. A few weeks ago Paul Krugman said:
What strikes me is just how wrong-headed the Obama administration’s “pivot” away from jobs and toward the deficit back in 2010 really was. It was bad economics; but it was also really bad politics, shifting the debate to exactly the ground where the right tends to have an (undeserved) advantage.
The good news for Democrats is that Obama is now in the process of unpivoting.
But the political establishment and the Very Serious Pundits are doing their best to turn the discussion back to deficit reduction.They already are.
Don't let them.
Jared Bernstein, last June:
Brad DeLong: Jared Bernstein Advises the White House: Someone just asked me, “How does the White House pivot from targeting deficits to targeting jobs?” How’s this? “Based on new information, we are now pivoting from targeting deficits to targeting jobs!”
OK, I’m not a speechwriter. But that’s the gist. And by no means should that preclude us from setting a balanced path toward a sustainable budget. It’s just too early to set down that path.
