Paul Krugman argues that Bill Clinton framed the campaign debate correctly. Eight years of GOP policies left the economy in a mess. Now they want to clean up the mess by going back to the policies that created the mess. Cutting taxes for the super-rich, deregulating the economy, and cutting back government support for those most damaged by the recession is the medicine proposed by the GOP. There is no reason to believe that the medicine that created our economic problems is the best perscription for fixing our problems.
He gives Obama some credit for restoring the economy which is on a path to recovery. He downgrades his grade, however, for failing to do anything about our most critical problem. He took the advice of Tim Geithner and did little to deal with the debt overhang problem of households that are unable to service their mortgage debt. Interestingly, he did not mention the Affordable Healthcare Act in his list of accomplishments by the administration.