“While objections can be (and have been) raised, the U.S. government’s multifaceted macroeconomic policy responses to the financial crisis after September 2008 appear to have been quite effective. Yet, politically, they are more reviled than admired. The paradox is that economic success—in the sense of averting much worse outcomes—turned into political failure. This article asks why.”

• See also WSJ.com Real Time Economics – Blinder Laments Paradox of Public Distaste for Crisis Programs Even as They Succeeded