“As for what I wrote in 1996: the world looked very different then. On one side, Social Security projections were much more pessimistic than they are now, basically because the projections assumed that the 1973-1995 era of very slow productivity growth would go on forever. On the other side, the 90s were the era of the great pause in health expenditures, the (it turned out) brief era in which the rise of managed care stabilized health spending as a share of GDP. So Medicare and Medicaid looked less important as sources of fiscal problems than they do now.
“John Maynard Keynes is supposed to have said, ‘When circumstances change, I change my opinion. What do you do?'”
They hate me, they really hate me, Dr. Krugman, NYT Blog, November 21, 2007
Dr. Krugman loves blogging, I can tell.