We just had the Mayan nonsense proven wrong. Yet this will not stop believers, since they find some way to rationalize and maintain their false beliefs. We can let facts get in the way, now can we? So Krugman compares this to those conservative economists who have predicting doom and gloom for ages. And they too are always wrong and don't let that get in the way of their ideology. So it goes with the deficit hawks claiming interest rates will skyrocket during this recession. Given they cannot accept the cognitive dissonance and change Krugman says perhaps it's time we stop taking them seriously.
Btw, recall this phenomenon is not equally applicable to all people. Recall this study (#12), but one of several, that shows progressives just don't have this problem to anywhere near the same degree as regressives.
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