Is a rising stock market an indication of economic health? Not necessarily, says Krugman, and on that he's of course correct. But what accounts for rising stock prices today? He says a lack of alternative options for investors -- another way of saying the economy stinks, even though he devotes half his columns to defenses of Obama.
This week, Krugman considers several possible explanations for why long-term interest rates are so low around the world. The one he settles on: investors have concluded that the weak economy is the new normal, so to speak, so they're willing to accept low yields. But this explanation contradicts Krugman's repeated insistence that the Obama recovery is stronger than ignorant right-wingers give it credit for. Which is it, Paul?
This week, Krugman is unhappy that Donald Trump has earned a reputation as a defender of workers. How can he be, wonders Krugman, if he doesn't support Obamacare, more privileges for labor unions, higher taxes on the rich, and so on?