I noticed this in today's NYT article about the GM-UAW deal, too. Kevin Drum explains the NYT's nonsense here. I begin to answer his question over on the blog for the comparative public policy class I am teaching this semester here.
UPDATE: And for the record, before anyone else jumps on me for this...I'm not suggesting that moral hazard is always a myth. I'm just taking issue with its use here. OK? Sheesh.
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