I find it terribly amusing that this is what Andrew Sullivan was referring to when he called Matthew Hoy "the quintessential debunker of Krugman rhetoric" and an example of "blogging keeping big-shot journalism on its toes". Check out the "comments" threads beside the story.. it would appear that somebody else is keeping big-shot bloggers on their toes as well. Bless their little hearts. (I also posted there, but I defer to the superior work of the earlier responses).
Krugman's comments about non-economists making a hash of the work of real economists (like Krugman himself) ring ever more true by the day. The Laffer curve indeed.