What has been happening lately is that conventional wisdom, including among people with influence over policy, has taken that little uptick at the right as evidence that it’s time to sound the all-clear, time to call off efforts to boost the economy and worry about inflation instead. This was a terrible misjudgment: we’ve barely made a dent in the employment decline that followed the financial crisis, and are still a very long way from full recovery..

And you can’t even count on the trend continuing to be favorable — which was the message of last month’s numbers.

I was for more stimulus before those numbers came out; I’m still for more stimulus now. The only difference is that it might be a bit easier today than two days ago to argue against unjustified complacency.

Link to original article on The New York Times