And Scott Sumner, Matt Yglesias, and Karl Smith (at the end of the post) are promoting the idea again today.
Is it possible? Of course its possible that we could enter a period of weaker growth that implies the prospect of liquidity trap recessions in the future. Depending on how we deal with aging populations, it might even be plausible as a medium term forecast.
But I'm not personally willing to be so pessimistic just yet. Reaching frontiers matters, but frontiers can be pushed out too.
Crowding In and the Paradox of Thrift
4 hours ago