Paul Krugman is a very smart and very annoying person. Over the past few years he's been hammering away at political and economic advocates for austerity policies with unmitigated glee and derision. He does so with a brio and condescension that some people can find off-putting — but that doesn't mean that he's wrong. … Look, I think Paul Krugman has a few policy blind spots. His method of argumentation alienates as many people as it attracts. But he's not wrong when he's talking about austerity. In his response, Michael Kinsley has managed to embody the conventional wisdom in Washington — and in doing so, embody every policy caricature of Paul Krugman's worldview.

The worst piece of conventional wisdom you will read this year (MAY 16, 2013)