Alternative facts

Arguing with Nick Rowe, Scott Sumner said

I had no idea that the late 1970s and early 1980s were “peak investment”, especially given the poor performance of the economy.

The economy performed poorly in the late 1970s and early '80s.


Arguing with Karl Smith, Scott Sumner said

during the 1970s we had normal (3.2%) growth

The economy performed normally in the 1970s.


Arguing with Paul Krugman, Scott Sumner said

I am not denying that growth in US living standards slowed after 1973, rather I am arguing that it would have slowed more had we not reformed our economy.

The economy performed poorly after 1973.