text: The recovery had almost nothing to do with Reagan and almost everything to do with Fed chairman Paul Volcker's easing of short-term interest rates, which had been set high to end the stagflation that plagued the Clinton presidency. The deficit spending for tax relief has never been shown then or now to have had any measureable stimulative effect. It was a giveaway to rich people. Once again, we have a consumer economy. Corporations don't expand business unless they have an expanding market, and putting money in the hands of consumers works, because they will spend it all. The rich buy stock and portfolios and keep that money. Reagan was a pretty but dumb actor. As we have seen, a lot of Americans love pretty but dumb actors.
  
  I don't see any revisionism in Krugman. He apologized for that overreaction. Those who follow Krugman understand the circumstances and are OK with him. Those who have always hated Krugman and other brainy economists continue to loathe him, so nothing changes.