Here's an outstanding Paul Krugman column that debunks the rising myth that the current economic conditions are the result of President Obama's policies. After debunking several claims, Krugman makes a vital observation:
So Republican assertions about what ails the economy are pure fantasy, at odds with all the evidence. Should we be surprised?
At one level, of course not. Politicians who always cater to wealthy business interests say that economic recovery requires catering to wealthy business interests. Who could have imagined it?
Yet it seems to me that there is something different about the current state of economic discussion. Political parties have often coalesced around dubious economic ideas — remember the Laffer curve? — but I can’t think of a time when a party’s economic doctrine has been so completely divorced from reality. And I’m also struck by the extent to which Republican-leaning economists — who have to know better — have been willing to lend their credibility to the party’s official delusions.
This is, of course, a huge problem. One we all must be ready to work against as we work in 2012.