Britain is doing worse this time than it did during the Great Depression. Four years into the Depression, British G.D.P. had regained its previous peak; four years after the Great Recession began, Britain is nowhere close to regaining its lost ground. Full Story »
Posted by Barry Grossheim - via Paul Krugman, Memeorandum, New York Times (Most Emailed), Real Clear Politics, New York Times (Opinion)
Krugman presents convincing proof that austerity is not the answer to stimulating the economy in a recession.
mr. krugman offers a reasonable information as explanation for his conclusions about how damaging austerity is in a recession. he also points out that there are "caveats and complications" to this thesis.and he praises the president for not embracing austerity while state governments are.
we are still in real danger economically from those running for president who have so much money for using media to spread the same dangerous proposals, very rarely countered as mr. krugman does, in most of the media coverage.
And it’s a failure, in particular, of the austerity doctrine that has dominated elite policy discussion both in Europe and, to a large extent, in the United States for ... More »
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