Paul Krugman: Lessons of 1992

It’s starting to feel a bit like 1992 again. A Bush is in the White House, the economy is a mess, and there’s a candidate who, in the view of a number of observers, is running on a message of hope, of moving past partisan differences, that resembles Bill Clinton’s campaign 16 years ago.

Now, I’m not sure that’s a fair characterization of the 1992 Clinton campaign, which had a strong streak of populism, beginning with a speech in which Mr. Clinton described the 1980s as a “gilded age of greed.” Still, to the extent that Barack Obama 2008 does sound like Bill Clinton 1992, here’s my question: Has everyone forgotten what happened after the 1992 election?

Let’s review the sad tale, starting with the politics.