The Austerity Debacle

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, Real Clear Politics, New York Times (Most Emailed), New York Times (Opinion), Memeorandum
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Subjects: World, U.S., Politics, Business
Member Tags: great britain, david cameron, united states economy, economic conditions and trends, european sovereign debt crisis (2010- ), budgets and budgeting, recession and depression, politics and government, Gross domestic product, labor and jobs, european central bank, early morning update
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# Diggs: 80 (as of 2012-01-30)
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Posted by: Posted by Barry Grossheim - Jan 30, 2012 - 4:09 AM PST
Content Type: Article
Edit Lock: This story can be edited
Edited by: Barry Grossheim - Jan 30, 2012 - 12:42 PM PST
Barry Grossheim
4.0
by Barry Grossheim - Jan. 30, 2012

Krugman presents convincing proof that austerity is not the answer to stimulating the economy in a recession.

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Patricia L'Herrou
4.0
by Patricia L'Herrou - Jan. 31, 2012

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.

See Full Review » (7 answers)
Randy Morrow
4.2
by Randy Morrow - Jan. 30, 2012

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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