I do love it when a Nobel Prize-winning Economist says the same things I do….
Or rather, when my thoughts I align with his….
Since I only took 2 semesters of Econ at Washington and Lee, I can hardly claim to be an expert….
Except in common sense….
Please take the time to read Paul Krugman’s article in the New York Times.
Here is a brief excerpt and a link to the full article:
So what do we learn from the rather pathetic search for austerity success stories? We learn that the doctrine that has dominated elite economic discourse for the past three years is wrong on all fronts. Not only have we been ruled by fear of nonexistent threats, we’ve been promised rewards that haven’t arrived and never will. It’s time to put the deficit obsession aside and get back to dealing with the real problem — namely, unacceptably high unemployment.