Paul Krugman: Those who blamed Obama for US economic ills now look like fools

By Paul Krugman

Suddenly, or so it seems, the US economy is looking better. Things have been looking up for a while, but at this point the signs of improvement – job gains, rapidly growing GDP, rising public confidence – are unmistakable.

The improving economy is one factor in President Barack Obama’s rising approval rating.

And there’s a palpable sense of panic among Republicans despite their victory in the midterms. They expected to run in 2016 against a record of failure; what do they do if the economy is looking good? Well, that’s their problem.

What I want to ask instead is whether any of this makes sense. How much influence does the occupant of the White House have on the economy?

The standard answer among economists, at least when they aren’t being political hacks, is not much. But is this time different?

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