The Romney economic team is treating evidence about this recession the same way they treat evidence about climate change - they're ignoring it. Worse yet, they're taking advice from Phil Gramm. Remember him? He's the guy who pushed through the repeal of Glass-Steagle, telling everybody that it would turn our economy into a dynamo and release the horses of capitalism. It sure did. Of course, he then bailed before the wreck and got a cushy job at UBS, one of the banks that prospered greatly from Gramm's shenanigans.
The main point, however, is that the Romney team is willfully, nakedly, distorting the record, leading Ms. Reinhart and Mr. Rogoff — who aren’t affiliated with either campaign — to protest against “gross misinterpretations of the facts.” And this should worry you.
Look, economics isn’t as much of a science as we’d like. But when there’s overwhelming evidence for an economic proposition — as there is for the proposition that financial-crisis recessions are different — we have the right to expect politicians and their advisers to respect that evidence. Otherwise, they’ll end up making policy based on fantasies rather than grappling with reality.
We're already living through the economic destruction created by decisions made based on fantasies. Just remember, when they talk about how their ideas will make huge amounts of profit, they're not talking about for you. They're talking about for themselves and their pals - the one percenters. For them, this economy is doing just fine, just as it is. All they have to do now is depress wages some more, get rid of the expensive safety net, kill the unions once and for all, and give themselves some nice, fat tax breaks.