Paul Krugman: This Republican Economy

What should be done about the economy? Republicans claim to have the answer: slash spending and cut
taxes. What they hope voters won’t notice is that that’s precisely the policy we’ve been following the past
couple of years. Never mind the Democrat in the White House; for all practical purposes, this is already the economic policy of Republican dreams.

So the Republican electoral strategy is, in effect, a gigantic con game: it depends on convincing voters that the bad economy is the result of big-spending policies that President Obama hasn’t followed (in large part because the G.O.P. wouldn’t let him), and that our woes can be cured by pursuing more of the same policies that have already failed.