Reality has a well known liberal bias. ...the IMF just published a study on austerity in Europe that basically said what Krugman's been saying for his whole career: austerity in the face of a fiscal crisis amplified the underlying problem...
I don't think "bias" means what you think it means.
And
every economist "has been saying that their whole career", at least post-Keynes. Everyone knows that cutting spending in a crisis makes that crisis worse
at that moment. That Keynesianism 101. The problem is that spending doesn't spur real growth (Solyndra, anyone?), but rather consumption, stunts investment, productivity, and hurts us in the long-run. (That's why Keynes famously remarked "well, in the long run we are all dead"). Not to mention the fact that sometimes you
have to cut spending, because excessive borrowing is what created the crisis in the first place (Greece, anyone?). You can't borrow your way out of a liquidity trap, and hope one day another internet bubble will bring you a huge surplus to pay off trillions in debt (just ask Japan).
If Krugman's taking credit for that idea he's more of a crack-pot than I thought.