Krugman: ‘We Have Defined a Good Economy Way, Way Down’

New York Times columnist Paul Krugman says that what passes for a “good economy” nowadays is much lower than it used to be.

“We have defined a good economy way, way down,” Krugman said in a CNN interview over the weekend. He pointed out, for example, that the monthly job-creation numbers under the Obama presidency pale in comparison to those during Clinton’s time in office.

“You always have to have some perspective here,” he said. “We need a lot of [progress] before I’m willing to call this anything like prosperity.”