Being Wrong and the Memory Hole

Paul Krugman makes a good point that people who often make dire economic predictions are rarely held accountable.  Sometimes, as Krugman notes, they are even promoted and treated as if their inaccurate dire warnings were never made in the first place.

This is true in a lot ways actually.  But what Krugman doesn't understand is that the Memory Hole is an easy way out of such a mess.  If I'm not mistaken, Krugman invented the term Memory Hole so how he overlooks it is comical.

In this era of 24/7 news coverage and constant streaming videos, one would think that inaccuracy about important matters like the economy would be a career killer.  Quite opposite actually, especially if you are really good at being wrong.  Heck there's even an entire network devoted solely to being wrong, Fox News.  They embrace such inaccuracies and proudly blare them to hundreds of millions of people.  It's a pride thing for them.  Being wrong isn't what it used to be.