There is a good case to be made that Paul Krugman is the ultimate liberal intellectual. Sporting a Nobel Prize in Economics [actually the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, not established by Nobel and condemned by his progeny –ed.] for genuine achievement, a Princeton professorship, and a New York Times column, he hits all the bases as a certifiable smartypants. Liberals who read his political punditry are comforted that they, too, are part of the intellectual elect, the class born to tell the rest of us how to live our dreary and humble lives.
So when Krugman spirals into wildly off base predictions and claims, with rapid rebuke by reality, it is a sign of a much broader problem for progressivism.