DeLong argues that there’s no evidence that interest rates, although low, have been unsustainably low, and no plausible model for how raising rates now so they can be cut in the future makes economic sense. The argument, he says, resembles the argument that “you should let the others run a lap before you start running at all, because then you will be fresher and so can run faster and so win the race.”
Source: latimes.com – Los Angeles Times