Morning Must-Read: Joe Romm: 2014 Was Hottest Year On Record Globally By Far, Reports Japan Meteorological Agency
Afternoon Must-Read: Jérémie Cohen-Setton: Permanent QE and Helicopter Money

Why Yes, I Do Believe Jeffrey Sachs Has Lost His Mind. Why Do You Ask?: Live from The Roasterie


For could anything possibly lead somebody who has not lost his mind to call a real GDP growth rate of 2.2%/year "brisk"?

Jeff Sachs: Paul Krugman and the Obama Recovery: "Paul Krugman has delivered one main message to his loyal readers: deficit-cutting 'austerians'...

...(as he calls advocates of fiscal austerity) are deluded.... Deficit cuts would court a reprise of 1937.... Well, Congress and the White House did indeed play the austerian card.... Yet... real economic growth in 2011 stood at 1.6%, and the IMF expects it to be 2.2% for 2014 as a whole.... So much for Krugman’s predictions. Not one of his New York Times commentaries in the first half of 2013, when 'austerian' deficit cutting was taking effect, forecast... that economic growth would recover to brisk rates...